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How To Run Out Of Cash While Owning Half Of American Apparel

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Dov Charney, the founder of American Apparel, told Bloomberg News that he’s down to his last $ 100,000 and sleeping on a friend’s couch. How is that possible?

American Apparel founder Dov Charney made headlines today for telling Bloomberg News he’s down to his last $ 100,000 and sleeping on a friend’s couch on New York’s Lower East Side as he works to win his company back.

American Apparel founder Dov Charney made headlines today for telling Bloomberg News he's down to his last $ 100,000 and sleeping on a friend's couch on New York's Lower East Side as he works to win his company back.

Charney was fired last week from his position as a paid consultant. He was suspended as president and CEO by the board on June 18 for “alleged misconduct and violations of company policy” and has been the subject of an internal investigation since July 9.

Bloomberg/Bloomberg

But Charney is still American Apparel’s biggest stockholder, owning roughly 43% of the company, or about 75 million shares. The stock closed at $ 1.14 today, valuing the company at about $ 200 million.

But Charney is still American Apparel's biggest stockholder, owning roughly 43% of the company, or about 75 million shares. The stock closed at $ 1.14 today, valuing the company at about $ 200 million.

American Apparel / Via americanapparel.net


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