Illustration by Sophie Kern
By Allison Abell Schwartz"Connected to" says Dov Charney, who, as the founder and CEO of American Apparel (APP), was the trend as much as anyone. From the company in a dorm at Tufts University in Medford, mass., he built an empire in the world of 280 stores by boldly leaping before mainstream fashion. Above and still once redone hipster wardrobe, feeling the application cycle for the neon nylon shorts and were lace-thong long before the competition. For better or for worse, he personified sleek aesthetics, risk of its business and is now facing the consequences - capricieux lenders and investors who are skeptical of his ability to supervise its own creation. American Apparel Division of trade less than 2 dollars, down from a peak of $16.80 in December 2007. The company is on the point to be removed from the list of the Amex's New York Stock Exchange (NYX) because it was late in filing quarterly reports, and last week his accountant, Deloitte & Touche, quit, saying: American Apparel 2009 numbers may not be reliable. Mounting problems suggest that the company may now need to management more sophisticated that its controversial founder can muster.
Charney, 41, admits recent problems have tested him - "he has been a major sweat, true hard work" - but insists he he will paste and that no there is no numbering rear ambition. His plan is dive directly in the storm, to double the company's sales of 11,500 employees over the next six years by the improvement of productivity and in implementing the best technology to move faster product factory of Los Angeles in the company stores. On the road, American Apparel, which owns and operates its own stores, could also sell its products through other retailers.
The greatest challenge of all may be stylistic. After the world of 18 to 30 years in a variety of T-shirts and leggings, still ranked among the best sellers of the company, outfitting American Apparel will preppy, plunging in clothing more sophisticated as the blazersa pleated pants, unisex shirts and more formal lace tops. "Kids are away piercings," says Charney. "We want to grow old with our client." We want to be a traditional American clothier.
Even if American Apparel grew, Charney, which owns 53% of the society and dresses exclusively in its own product, socks and underwear, kept small and personal management. It makes it a priority to browse its plant of almost every day, speaking to employees, manipulation of the fabrics and see clothes made, a process said takes more than two hours of his time. His mobile number is available to all employees, he said, and he is proud of himself on his return from all calls. He spent most of his time with a circle of about 15 people who help him to look at tissue and assess new models.
Recently, however, is much less on fabric of finance. The threat of NYSE Amex delete American Apparel could become reality if he fails to file his latest quarterly report by 16 August, the second delay in a little more than a year. The delay arose from renegotiations on the second-Lien with Lion Capital loan. Which has since been settled, but another problem burst into the Deloitte American Apparel warned public view certain information had brought to its attention, that, if the object of an inquiry, may affect the reliability of the financial statements of the company 2009. Charney says confident that accounting issues will be corrected before the deadline.
Lion Capital, a London-based private investment capital firm accepted in March 2009 the American Apparel $ 80 million from loan to expire 31 December 2013. Under the agreement, Lion received detachable warrants amounting to 16 million shares of common shares of the company, the property equal to approximately 18 per cent.
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