Ex-Bill Clinton B.F.F., improbable modelizer, and owner of the private jet known as "Air Fuck One" Ron Burkle bought $6 million worth of American Apparel shares last summer. Then the stock price pretty much plummeted. Now he's reducing his stake.
American Apparel's auditors resigned abruptly this summer, after announcing they had no confidence in the company's accounting structures or the reliability of its results. Now the ex-auditors have written to the SEC to dispute aspects of American Apparel's latest filing.
As American Apparel flirted with bankruptcy, suffered declining sales, got sued by Woody Allen, lost many of its workers following an immigration raid, and defended yet more sexual-harassment lawsuits, Dov Charney's performance was apparently so stellar he deserved a bonus.
After we noted that American Apparel is still experiencing pretty serious problems, spokeslawyer Peter Schey wrote in to set us straight on some stuff. And to say that "Abercrombie and Finch" totally had to pay a much bigger immigration fine!
American Apparel wasn't kidding about that new management stuff: it just hired a brand-new acting president. He is Tom Casey, who was Blockbuster's executive vice president and CFO until just before Blockbuster, um, went bankrupt. This should work out great!
"The company has no plans to close or consider closing stores," says one spokesperson. "The company is not fighting for its life and does not plan to file bankruptcy," says another. "All roads," says a retail analyst, "lead to hell."
