Appoints Colleen B. Brown as Chairman, effective immediately; confirms receipt of acquisition offer valued at $1.30-1.40/shr
The Board of Directors confirmed that it has received an indication of interest to acquire the Company for $1.30 to $1.40 per share. The Board takes these matters seriously, and it will evaluate this proposal in the ordinary course of business.
The Company remains focused on positioning American Apparel for a successful turnaround.The board announced that Allan Mayer and David Danziger have stepped down as Co-Chairmen of the Board and will be replaced by Board Member Colleen B. Brown as Chairperson.
Mr. Mayer and Mr. Danziger will continue to serve as Members of the Board and will retain their positions as Chairs of the Compensation and Audit committees, respectively.Ms. Brown, who joined the Board in August and has been serving as Chair of the Nominating and Governance Committee, brings years of experience as both a chief executive and board member of publicly traded companies. Ms. Brown has been instrumental in driving impressive turnarounds, returning several companies to profitability, and has been nationally recognized for her outstanding contributions in enhancing shareholder value.