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American Apparel Says It's Not for Sale, Dov Charney Fires Back

/ Source: Reuters

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American Apparel's co-chairman said Monday the company was not for sale, had no need for immediate capital, and that the search for a new chief executive to replace ousted Dov Charney had generated "enormous interest."The board of the hipster retail chain terminated Charney, the company's founder, as chairman and CEO last week, citing alleged misuse of corporate funds and his role in disseminating nude photos of an ex-employee who had sued him.

"If someone came and said they want to buy American Apparel for $10 per share, we'd be crazy to not listen ... but by no means (are we) looking to sell now," Allan Mayer, the company's new co-chairman, told Reuters. American Apparel's shares were trading at 67 cents Monday afternoon.

Charney, the largest shareholder in the company with a 27.2 percent stake, said in a regulatory filing Monday that he would fight his firing and had been approached by "certain persons" who expressed support for his continued leadership.

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IN-DEPTH

American Apparel Founder Out When Sex Doesn't Sell

American Apparel Ousts Founder Dov Charney as Chairman

American Apparel Finds CEO Misused Funds: Source

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