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American Apparel Appoints New Director

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    NEWSLETTERS

    The group of Canadian investors that took over majority control of American Apparel back in April has named its latest director to the board, WWD reports.

    David Danziger brings the group back to seven, of which two positions remain vacant after Lyndon Lea and Neil Richardson resigned in March, prior to the company's latest financial lifeline.

    The acquisition of $15.2 million in stocks and warrants convertible to an additional $27 million allowed the embattled brand to sustain itself for a longer period of time, but most significantly wrested majority control away from the controversial and conspicuous founder and face of American Apparel, Dov Charney.

    The future seems to hang in the balance for American Apparel and for Charney, whose shares, and presence seem to be continuously diluted.