Tuesday, June 28, 2011

American Apparel replacing board members

(Reuters) - Clothing chain American Apparel Inc (APP.A) negotiating to replace two of its six board members, Bloomberg said, citing three people involved in the discussions.


In April, American Apparel -- facing a long-running sales slump -- said it raised $14.9 million by selling some of its shares at a discount of 43 percent to a group of private investors led by Canadian financier Michael Serruya and Delavaco Capital.

The investors, led by Michael Serruya and private-equity firm Delavaco Capital, may buy about $8 million of additional shares in the coming weeks, Bloomberg said citing two of the sources.

Peter Schey, a spokesman for American Apparel, did not immediately reply to an email requesting comment. (Reporting by Mihir Dalal in Bangalore; Editing by Gary Hill)

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