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Tuesday, September 30, 2014

American Apparel board open to letting Charney stay -Bloomberg, (AMEX: APP)

American Apparel Inc's board is increasingly open to letting its ousted founder, Dov Charney, stay at the company, Bloomberg reported, citing people familiar with the matter. The U.S. retailer is also considering giving Charney a new role, Bloomberg reported. ( He currently serves as a consultant to the company.American Apparel's shares were up 2.4 percent in extended trading.American Apparel said on Monday it hired Scott Brubaker, a managing director at turnaround firm Alvarez & Marsal, as interim chief executive, replacing John Luttrell, who had been serving as both interim CEO and CFO since Charney's exit.Luttrel's departure could make it easier for Charney to make a come back, Bloomberg said. Brubaker has also been in talks with Charney, the news service reported.

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 traded higher by 2.5% or $0.02/share to $0.82. In the past year, the shares have traded as low as $0.46 and as high as $1.52. On average, 3456290 shares of APP exchange hands on a given day and today's volume is recorded at 1489462.