LOS ANGELES, Dec. 22, 2014 /PRNewswire/ -- The Board of
Directors of American Apparel, Inc. (NYSE MKT: APP), a
vertically-integrated manufacturer, distributor and retailer of
branded fashion-basic apparel, today announced that Allan Mayer and David
Danziger have stepped down as Co-Chairmen of the Board and
will be replaced by Board Member Colleen B. Brown as Chairperson.
Mr. Mayer and Mr. Danziger will continue to serve as Members of the
Board and will retain their positions as Chairs of the Compensation
and Audit committees, respectively.
Ms. Brown, who joined the Board in August and has been serving
as Chair of the Nominating and Governance Committee, brings years
of experience as both a chief executive and board member of
publicly traded companies. Ms. Brown has been instrumental in
driving impressive turnarounds, returning several companies to
profitability, and has been nationally recognized for her
outstanding contributions in enhancing shareholder value.
"It's time to focus on the work ahead of us and push this
company to reach its full potential," said Ms. Brown. "This is a
pivotal moment for American Apparel, and I believe the company is
poised for a significant turnaround. It will be very rewarding to
work with an executive of newly appointed CEO Paula Schneider's caliber, and I thank Allan and
David for their diligent efforts as Co-Chairmen of the Board."
"I'm looking forward to working with Colleen —we have the same
commitment, work ethic, and goals for American Apparel," said Ms.
Schneider.
"For the good of the company, we pushed hard for Colleen to take
the post, and we're delighted she has. She and Paula Schneider have powerful and complementary
expertise that will be invaluable to American Apparel. Both women
are strong leaders, and together they will be a tremendous force
for growth and positive change at American Apparel," said
Allan Mayer.
"The board has made progress this year, and I believe we will
look back and mark this as an important turning point," said
David Danziger. "And we're ending
the year by establishing an updated code of conduct that will serve
as an important guide for our company going forward. Step-by-step,
we are transforming this company and positioning it for
success."
The Board of Directors also confirmed that it has received an
indication of interest to acquire the Company for $1.30 to $1.40 per share. The Board takes these
matters seriously, and it will evaluate this proposal in the
ordinary course of business. The Company remains focused on
positioning American Apparel for a successful turnaround.
"I look forward to building on the momentum we've achieved at
American Apparel with the addition of strong leadership at the
company this year, bringing on Hassan
Natha as Chief Financial Officer and Chelsea A. Grayson as General Counsel," said Ms.
Brown. "We've also continued to support the superb talent that has
grown with us, notably Martin
Bailey, Chief Manufacturing Officer and Iris Alonzo, Senior Creative Director, and that
support is further reflected in the promotions of long-time
employees Patricia Honda and
Nicolle Gabbay to the positions of
President of Wholesale and President of Retail, respectively. And
of course we continue to appreciate the exceptional talent and
dedication of all of our employees."
About American Apparel
American Apparel is a vertically-integrated manufacturer,
distributor, and retailer of branded fashion basic apparel based in
downtown Los Angeles, California. As of September 30,
2014, American Apparel had approximately 10,000 employees
and operated 245 retail stores in 20 countries including the
United States and Canada. American Apparel also
operates a global e-commerce site that serves over 60 countries
worldwide at http://www.americanapparel.com. In addition,
American Apparel operates a leading wholesale business that
supplies high quality T-shirts and other casual wear to
distributors and screen printers.
Media:
Weber Shandwick
Liz Cohen, 212-445-8044
or
John Dillard, 212-445-8052
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SOURCE American Apparel, Inc.