American Apparel Board Suspends Dov Charney as CEO
Declares intent to terminate him for cause, names John Luttrell as interim CEO
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American%20Apparel<%2Fa>%20yesterday%20voted%20to%20replace%20Dov%20Charney%20as%20chairman%20and%20notified%20him%20of%20its%20intent%20to%20terminate%20his%20employment%20as%20president%20and%20CEO%20for%20cause.%20It%20is%20expected%20that%20the%20termination%20will%20be%20effective%20following%20a%2030-day%20cure%20period%20required%20under%20the%20terms%20of%20Charney's%20employment%20agreement.%0D%0A%0D%0Ahttps%3A%2F%2Fwww.printandpromomarketing.com%2Farticle%2Famerican-apparel-board-suspends-dov-charney-ceo%2F" target="_blank" class="email" data-post-id="3676" type="icon_link">
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Mr. Luttrell said American Apparel would remain committed to its sweatshop-free, made-in-USA manufacturing philosophy.
As a result of the management changes, the company may have been deemed to have triggered an event of default under its credit agreements and will be in discussions with its lenders for a waiver of the default. Additional details are provided in the company's Form 8-K filing with the Securities and Exchange Commission, dated June 18, 2014.
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- American Apparel
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