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Embattled retailer avoids fight over board

Published Tue, Jun 9, 2015 · 09:50 PM

New York

AMERICAN Apparel said that it had averted a proxy fight with an ally of its estranged founder and former chief executive, Dov Charney, as the retailer unveiled a turnaround plan meant to get it back on a growth track towards US$1 billion in annual sales.

Jeffrey Kolb, a shareholder who formerly worked for Mr Charney and who had planned to nominate two candidates to the company's board, agreed to withdraw those nominations, American Apparel said on Monday in a filing with the US Securities and Exchange Commission (SEC).

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