American Apparel Dov Charney down to last 100k, sleeping on friends couch

[Liberal_in_LA]

http://www.sfgate.com/technology/businessinsider/article/How-The-Founder-And-CEO-Of-American-Apparel-Went-5974545.php
How The Founder And CEO Of American Apparel Went From Mega-Mogul To Sleeping On Friend's Couch (APP)

How The Founder And CEO Of American Apparel Went From Mega-Mogul To Sleeping On Friend's Couch (APP)
Hayley Peterson, provided by


Dov Charney
American Apparel founder Dov Charney has gone from running a company worth more than $200 million to sleeping on a friend's couch within the past six months.
Charney, who was officially terminated from his consulting role at American Apparel last week, told Trish Regan at Bloomberg TV that he is down to his last $100,000.

American Apparel paid Charney an annual salary of $800,000 as CEO before he was fired from that role in June. The company is valued at between $226 million and $243 million.

Charney owns 43% stock in American Apparel, but the hedge fund Standard General controls his stake. He gave Standard General control when he took a loan from the firm in July

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Charney's downfall follows a string of allegations of sexual and financial misconduct during his 16-year tenure at the company.

He was fired as CEO due to allegations that he sexually harassed employees and "refused to participate in mandatory sexual harassment training," according to a leaked copy of his termination letter. American Apparel's board of directors also accused him in the letter of paying "significant" severance packages to former employees to conceal any wrongdoing.

Charney has denied the charges as baseless.

[840high]

1. Maybe i'll feel sorry for

him tomorrow. I'm down to my last $10.00.