American Apparel Gets New CEO – Again
American Apparel is back in the news and it ain't looking too good. The Los Angeles-based company has been on shaky ground for quite some time now.
American Apparel is back in the news and it ain’t looking too good. The Los Angeles-based company has been on shaky ground for quite some time now. Most recently, American Apparel CEO, Paula Schneider, announced her resignation just last week. Now, according to the Los Angeles Times American Apparel has selected Chelsea Grayson as its new CEO.
Grayson comes with a very impressive background. She is a lawyer, who primarily deals with mergers and acquisitions, plus she has served as general counsel for American Apparel for the past two years.
Pretty much anyone in the industry that has been following American Apparel at all has pegged these recent shifts in the company as a tell-tell sign that a sale is approaching. Word on the street is that American Apparel has been searching for a buyer as part of its post-bankruptcy plans. One could certainly speculate that hiring a lawyer, especially one with such vast experience in mergers and acquisitions, as the new CEO could mean that the rumor mill is correct.
While no concrete names have surfaced, we certainly know someone who will not be on that list – Dov Charney. The former American Apparel CEO and marketing mastermind had a few choice words, which he decided to share with the Business of Fashion.
“The business is dead now,” he told the Business of Fashion. “It’s gone. It will never come back. It is not going to resurrect. It’s not going to have a happy ending. They destroyed it.”
American Apparel has not yet released a statement addresses rumors of the sale.