American Apparel failed to hit specific benchmarks in their credit agreement with Lion Capital, whose loans have saved the retailer from impending disaster several times now. To compensate for stiffing their creditor, American Apparel now has to give Lion a discounted price on all their shares — 75 cents per share, down from Lion's original payment of $1 per share. In other words, American Apparel is out even more money, and their credit line is drying up. Meanwhile, WWD reports that Dov Charney's total compensation topped out at $10.1 million over the past year owing to stock awards he received in addition to his base salary of $750,000.
Cannes Day 3: Cotillard, Kroes, and a Box Dress
Male Gaze: We All Pine for Chris Pine
Zhang Ziyi’s Very Versatile Pixie Cut at Cannes
- Cannes Day 3: Cotillard, Kroes, and a Box Dress
- Male Gaze: We All Pine for Chris Pine
- Galliano’s Latest Comeback Move: A TV Interview?
- Report: Aslaug Magnúsdóttir Out at Moda Operandi
- See J.Crew’s CFDA/Vogue Fashion Fund Collection
- Cannes: Mara, Kidman, and a Wet Red Carpet
- Zhang Ziyi’s Very Versatile Pixie Cut at Cannes
- Made in America: 18 National Treasures to Try
- Beyoncé Really Is Pregnant, Says E!
- Fake the Bake With Twelve New Self-Tanners
- Rooney Mara Finally Lands Major Fashion Contract
- Michelle Obama Has Retired Her Bangs
- Gaultier Explains the Eurovision Song Contest
- Planned Parenthood Defunder Running for Senate
- Kardashian’s Tortured, Swollen Feet: A Lament