SOLD: Fifteen per cent of American Apparel for $80 Million
Sex mad fashion mogul Dov Charney can breathe a sigh of relief. His cash-strapped brand American Apparel has just been thrown an $80 million lifeline from Lion Investment. The move gives the London-based firm a 15 percent share of the SoCal company.
News of the bailout sent AA shares up 68 percent yesterday — a development even more smile-making than Charney’s notoriously race advertisement (i.e. above).