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    American Apparel Hired Investment Banks To Help Resolve "Internal Strife"

    2014/12/31 16:01:00 27

    American ApparelInfightingInvestment Banks

    It is reported that American Apparel has hired investment bank Moelis to explore the future strategy.

    Moelis will classify potential acquirers, such as Irving Place Capital, and will also examine the capital structure of the company.

    This may indicate that American Apparel has entered a stage in which multi-party forces compete for high-profile American Apparel control.

    This time is rather tricky for the company, not only with the Irving Place John Howard that covetous, but also under the new leadership to seek a turning point, and to prevent the prosecution of the founder of Dov Charney, who has been prosecuted for over $100 million.

    The share price of American Apparel has surged in recent weeks amid the cheering of acquisitions. It is said that Howard has indicated that the company may be worth up to $1.40 per share.

    Shares traded at 50 cents this month, which last Friday stabilized at $1.06, giving the company a market value of $185 million.

    But Charney, the founder of the company, still leaves many questions.

    He is the largest shareholder of the company, holding 43% of the shares, and Standard General has the right to vote in his stock.

    But Charney and Standard General, who had more say in the board, fell out and finally dismissed him this month.

    American Apparel appointed Paula Schneider as CEO and Colleen Brown as chairman.

    The company said that if the founder gave up the prosecution, it would provide millions of dollars for the founder to be a consultant, but the paction was not realized.

    In a statement issued by the US media last week, Charney explained: "fundamentally, I can not go beyond the board of directors to solve the problem of its composition.

    If I solve, companies and all stakeholders may be placed in a dangerous position.

    "Wei"

    For Charney, American Apparel is not just a job - it's a passion that he seems unlikely to give up soon.

    "The most interesting and exciting thing is that

    American Apparel

    We are building an enterprise involving manufacturing, distribution and retail products, "he said.

    "American Apparel provides jobs and opportunities in the United States.

    This is so exciting for me. We have proved that the commercial mode of manufacturing and using non sweatshops in the United States is not only applicable but also competitive and successful.

    "I continue to focus on creating employment opportunities, especially in Losangeles.

    clothing

    The industry sweatshop model can be broken, "he said.

    "This has been my life journey."

      

    Charney

    The company has been unable to expand, and for the past four years, due to "constrained capital structure, this has weakened the company's ability to manage raw material procurement in a timely manner, and to some extent, its manufacturing process maximizes sales and profitability."

    American Apparel has 245 stores, but people who have studied business believe it can expand to about 500.

    "So far, the profitability of American Apparel has been hampered by the leveraged capital structure that bears the global financial crisis of 2008," Charney said.

    "According to the company's existing debt obligations, the prospects of American Apparel will continue to be challenged."

    Charney continues to look for support within the company and employees, and employees are competing against it with a new website.

    With the recruitment of Moelis, the battle for American Apparel seems to be back to the starting point.

    According to people familiar with the matter, Charney thought the struggle started, and American Apparel began to encourage sales in February.

    But before that, the board of directors proposed to remove Charney and persuade him to agree to issue shares to dilute his shares, thereby weakening his strength.

    This is part of the controversy that Charney thinks he can make to court.


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