Private equity firm Lion Capital LLP has told American Apparel Inc that it is exercising its right to fill one of the two vacant board seats it controls at the apparel retailer, the Wall Street Journal reported, citing people familiar with the matter. The London-based investment firm, which holds warrants to purchase 12 percent of American Apparel's stock, has nominated Robert Mintz for the position, the Journal reported. (on.wsj.com/1wFuaLD)Mintz, most recently chief executive of rib and barbecue supplier Rupari Food Services Inc, attended school with American Apparel founder Dov Charney, the report said.Earlier this month, the struggling retailer posted a bigger-than-expected quarterly loss as sales stagnated amid a corporate shakeup that started with the suspension of founder Dov Charney as chief executive.Charney was suspended for allegedly misusing corporate funds and helping spread nude photos of a former employee.
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 3.53% or $-0.036/share to $0.98. In the past year, the shares have traded as low as $0.46 and as high as $1.58. On average, 5415820 shares of APP exchange hands on a given day and today's volume is recorded at 1900090.
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