Genuine Brands Group's Jamie Salter is eyeing troubled outfitter, United states Apparel. Picture: Getty Images/EPA (inset)
The Los Angeles-based teen merchant filed for personal bankruptcy security on Monday after a tumultuous year of monetary losses, litigation, work unrest and a controversial war featuring its ousted leader and creator, Dov Charney.
Authentic companies, the latest York-based owner of iconic and star companies, including hot Couture, Frederick’s of Hollywood and Marilyn Monroe, would break American Apparel into pieces, obtaining royalties from retail, wholesale and production partners — although fate of United states Apparel’s l . a . manufacturing unit, using some 3, 000 employees, will be left to Authentic Brand’s lovers. Charney’s part — if any — isn't obvious.
Charney’s $8 million equity position will lost within the personal bankruptcy.
Their shares are managed by ny hedge investment traditional General, which provided him that loan this past year to keep control of the organization.
“Dov is extremely focused on inserting himself into the company, ” said John Brooks, a former United states Apparel government.
The filing in United States Bankruptcy Court in Delaware had been seen by many as an unavoidable outcome the organization.
American Apparel’s protected lenders have decided to a pre-arranged restructuring in which they might convert over $200 million associated with the business’s bonds to an equity fascination with the reorganized business and provide the merchant with funding for operating capital.
Li'l Sebastian