MANUFACTURING
American Apparel Names Four New Board Members
There are four new members to American Apparel’s board of directors following an agreement reached with New York–based hedge fund Standard General, the company’s largest investor, which recently agreed to infuse American Apparel with $25 million to help pay off a $10 million loan that was being called in.
The deal, in which Standard General agreed to keep American Apparel’s production in Los Angeles, called for changes to the existing board. Five of the seven board members stepped down, leaving co-chairmen Allan Mayer and David Danziger. Under the agreement, two directors would be chosen by both Standard General and the current board. Another three board members will be designated by Standard General.
The new members include David Glazek and Thomas J. Sullivan, who were both designated by Standard General, as well as Colleen B. Brown and Joseph Magnacca. Standard General has yet to designate the last board member.
