American Apparel, the Los Angeles-based promotional products apparel supplier, could generate up to $60 million in new financing, Financial Times is reporting.
The previously reported talks of American Apparel negotiating with various investors in order to restructure its debt have advanced beyond the point of rumor. Bloomberg reported that the company has been approached by several investors since its sales have improved, and that the discussions have included the possibility of CEO Dov Charney stepping aside as chairman in order to focus on day-to-day operations of the company.
For more details on the article, click through to Bloomberg.com.
When author Robert Greene wrote his bestselling book "The 48 Laws of Power," his win-at-all-costs message turned him into a cult hero with the hip-hop set, Hollywood elite and prison inmates alike.
Crush your enemy totally, he wrote in Law 15. Play a sucker to catch a sucker, he said in another. Get others to do the work for you, but always take the credit.
Greene's warrior-like take on the quest for power, written more than a decade ago, would eventually attract another devotee: Dov Charney, the provocative chief executive of Los Angeles clothing company American Apparel Inc.
The New York Post is reporting that Los Angeles billionaire Ron Burkle, who last summer purchased a 6 percent equity stake in the company, is now offering to take over American Apparel's debt.
From the Post: "One possible outcome is that an $84 million term loan from British-based Lion Capital—whose punishing interest rate of 18 percent has sapped American Apparel’s liquidity—could be partly or entirely refinanced to a rate as low as 7 percent, according to a person briefed on the talks."
Further details on the story can be found by clicking through to the Post.
American Apparel Inc., Los Angeles, announced financial results for its second quarter ended June 30, 2011, which show improvement over the same quarter in 2010.
ABC News revealed that four 2012 presidential candidates are using promotional T-shirts made overseas. What do you think about it? Take the poll and let us know.
American Apparel, Los Angeles, this week announced an exclusive partnership with online auction house eBay. The multi-year deal will create the first brand lifestyle shop on the auction site, allowing eBay surfers and shoppers to purchase directly from factory.
Industry supplier American Apparel, Los Angeles, received approximately $6.7 million from the issuance of stock shares this week, StreetInsider.com reports.
American Apparel Inc., Los Angeles, announced that its board of directors has elected David Danziger and Marvin Igelman to the board.