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American Apparel deal keeps Dov Charney on as consultant - for now
American Apparel deal keeps Dov Charney on as consultant - for now

After weeks of turmoil following the ouster of Chief Executive Dov Charney, American Apparel Inc. has staved off potential financial ruin by reaching a deal with its largest shareholders that will bring a welcome infusion of cash and also keep its manufacturing in the U.S. The Los Angeles retailer and Standard General, the New York hedge fund that controls a nearly 44% stake in the company, have reached a deal that will shake up American Apparel's board and bring in a cash infusion of up to $25 million, the two companies said Wednesday. Charney, who tethered his shares to Standard General in a cooperative buying arrangement about two weeks ago, has agreed to the new deal, American...

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