Standard General, a little-known hedge fund that has taken the reins of American Apparel Inc, has mapped out a recovery plan for the retailer with or without its ousted Chief Executive Officer Dov Charney.The fund invests in companies that have potential even though they may be bogged down by debt and are undergoing an event such as bankruptcy.Standard General has not always succeeded. Consider its passive investment in RadioShack's stock, which has fallen about 69 percent this year. But it has a track record of turning positions in distressed companies into board seats and eventual profitability.The 14-employee firm manages about $1.1 billion. Its largest fund grew about 69 percent net of all fees from its March 1, 2008 inception to Dec. 31, 2013, according to a document obtained by Reuters. The S&P 500 grew about 39 percent in that time.
American Apparel, Inc. is a vertically integrated manufacturer, distributor, and retailer of branded fashions basic apparel and accessories for women, men, children and babies. Shares of APP fell by 5.22% or $-0.06/share to $1.09. In the past year, the shares have traded as low as $0.46 and as high as $2.09. On average, 6091950 shares of APP exchange hands on a given day and today's volume is recorded at 3434984.
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