American Apparel Strikes Deal To Save Company (and Maybe Even Dov Charney) - Presented by: The Aol. On Network

American Apparel has struck a takeover agreement with hedge fund Standard General in a deal that will remove founder Dov Charney and four other members of the clothing company's board of directors. Charney could be reappointed CEO depending on the findings of the new committee. Standard General will provide $25 million to American Apparel, which has been under pressure from creditors following the release of Charney as CEO.



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