American Apparel will get $US25 million from investment firm Standard General as part of a deal to help the troubled retailer pay off a $US10 million loan, the company announced Wednesday.
The deal will shake up American Apparel’s board of directors, forcing five of the seven current members — including CEO Dov Charney — to step down.
The deal comes several weeks after the company’s board voted to fire Charney from his position as chief executive.
Here are the terms of the deal, in more detail, from the company’s release:
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