American Apparel CEO Dov Charney was in New York recently and we got a chance to speak to him. We wanted to know what he would do to fix JCPenney.
There are similarities between JCP's situation and AA's. Like JCP now, AA's sales a couple of years ago were in a downward spiral. Like JCP, the company was losing cash and needed a ton of new financing to avoid bankruptcy.
Charney, of course, engineered a turnaround at American Apparel and the company is now profitable and growing topline sales. Notably, he did so without changing or rebranding the company.