If the sarcastic end of our headline is any indication of how we feel about this sudden turn of events, then you’ll know we’re not exactly thrilled. But like it or not, it’s true that American Apparel and it’s King of Skeeves, CEO Dov Charney are out of hot water, thanks to an $80 million credit line from Crystal Financial, a firm backed by billionaire George Soros. Now, if we had a nickel for every time the retailer has gotten negative press in the past two years, we could by a long-sleeved thermal in every color they carried. So why the big payout? No one has real answers to that question yet, though the firm’s managing director Stephen Krawchuk said in a statement, “American Apparel has made great strides over the past year in improving its overall financial performance and we are pleased to be in a position to provide them with the financial flexibility needed to continue to build upon that momentum.” Riiiiight. So what happens the next time (and it will happen) Dov Charney finds himself staring down the blunt end of a lawsuit?
The New York Post reported that the retail chain has also been able to push back the maturity date on a $90 million second-lien term loan from Lion Capital by two years to Dec. 31, 2015. All a that finance jargon is saying is, Soros is getting a lot of gold lame leggings shipped to him as we speak. Don’t screw this up, AA!
Article Source: NY Mag, New York Post
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