Standard General is poised to move into the driver’s seat at American Apparel Inc. — but it’s still not clear just where the colorful basics company is going.
Led by managing partner Soo Kim, Standard teamed with ousted founder Dov Charney and now essentially controls 44 percent of the company’s stock, giving it the leverage it needs to negotiate changes to the Los Angeles-based firm’s board. The little-known New York investment firm might also help the company pay off the $10 million it owes to Lion Capital, which is said to have called its loan, although the company could still dispute that it has the right to do so.
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