Last week, American Apparel announced plans to part ways with founder and CEO Dov Charney.
Now, Charney has fired back in a new document filed with the Securities And Exchange Commission.
In the so-called 13-D filing, Charney claims he’s heard from American Apparel shareholders who want him back at the company.
Charney plans to address “matters related to governance and board composition, management, operations, business, assets, capitalisation, financial condition, strategic plans, and the future of (American Apparel),” he said in the filing.
The filing indicates that Charney has technically become an activist shareholder in the company he founded, and that he still plans to exert control over American Apparel, writes James Covert at The New York Post.
Charney’s firing stemmed from ongoing allegations of misconduct, the company said in a statement last week.
But parting ways with Charney, who is the top shareholder at his company, won’t be easy, said Eric Beder, analyst at Brean Capital.
“It’s an awkward situation to get rid of your CEO when he owns more than a quarter of the company,” Beder told Business Insider. “The new CEO will have to sort out that situation.”
Charney will still have considerable say in company decisions like hiring executives and board members until he sells his shares, Beder said.
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