Flamboyant fashion mogul Dov Charney may have sold his t-shirt company for $244m in a merger deal, but don’t expect Charney to take a back set in the running of American Apparel, nor recede on its image of being a good guy when it comes to treating staff.
Endeavor Acquisition Corp has bought the LA-based company and plans to keep its socially responsible ethos going.
American Apparel is the largest t-shirt producer in the United States with the capacity to provide one million t-shirts a week. Unlike many other manufacturers, it pays above the minimum wage and prides itself on offering help and support for staff with health and educational needs.
The Canadian entrepreneur has grown American Apparel from one outlet to an international chain that not just manufacturers for itself but for others and employs 5,000 people.
“We have a special culture and ethos at American Apparel including a commitment to excellence,” said Charney. “I am very excited about sharing my potential good fortune with my fellow employees as well as providing our millions of loyal customers the opportunity to become shareholders through this potential merger.”
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