American Apparel Fires Founder Dov Charney, Shares Skyrocket
It was only a matter of time.
The American Apparel Board of Directors has just ousted the brand’s Founder and CEO, Dov Charney. It comes as no surprise, as many allegations in the past have brought to light that the founder is bad news bares.
Dov has been the center of numerous sexual harassment suits, accused of assaulting store managers, and even received heat from immigration officials over inconsistency in some of his employees’ working papers.
In business related news, since the announcement of his termination, shares in American Apparel’s stock has risen over 20%. There is no doubt that Charney will not go quietly, as he still holds a 27% stake in his company.