Presuming the vetting process doesn’t turn up any surprises, American Apparel Inc. could see its board membership increase by one through the addition of Robert Mintz.
In a regulatory filing Thursday with the Securities and Exchange Commission, Lion Capital said it had designated Mintz to the American Apparel board on Tuesday. It also said it had the right to do so per warrants it acquired in December that allow it to buy up to 24.5 million shares of American Apparel, or 12.3 percent of the retailer’s common stock. Those warrants gave Lion the right to nominate two individuals to the retailer’s board. Both seats have been vacant since 2011. The addition of Mintz would bring the board composition to eight members, and still give Lion the right to fill the ninth spot.
According to a source familiar with the process, Mintz has to fill out a directors-officers questionnaire and be vetted regarding his suitability for board membership. That process is expected to take two to three weeks, the source said.
The status of founder Dov Charney isn’t expected to be resolved until mid- to late-September. Charney was removed from the position of chief executive officer pending an internal probe regarding certain matters from financial to sexual improprieties, a move that triggered Lion Capital’s demand for an early repayment of its loan. Charney and the company are in arbitration proceedings over his ouster.
Meanwhile, New York-based hedge fund Standard General purchased the rights to the $10 million loan American Apparel entered into last year with Lion Capital. That purchase is part of an agreement that reconstituted American Apparel’s board, provided the retailer with up to $25 million in funding and gave Charney the temporary title of strategic consultant.
From overseeing America’s fastest-growing speciality retailers to codifying cool, WWD talked to the women who are leading the way for the future of beauty. Check out our Instagram Stories to see how these women built today and are creating tomorrow. (📸: @hannah_khymych) #wwdbeauty
For @laperlalingerie's spring 2018 show, the brand chose to host their event at @thevenetianmacao. With Chinese megastars @bingbing_fan and @hubing in attendance, La Perla debuted a rock ‘n’ roll-inspired collection. The show marked the start of Sands Macao Fashion Week, which runs from October 19 to 24 — the city’s first such event. Pictured here are models backstage with glimmering eyes. #wwdfashion (📷: Cheuk-Yin To)
Trending for spring 2018: top stitch design. Gone are the days of stitch just for seams — designers are using the once-minimal detail to create strong decorative elements. (📷: Paola Testa; Styled by @andrew_shang) #wwdfashion
@tradesy is turning the concept of a showroom upside down with its new space in Santa Monica. Here, the company plans to hold events, art exhibits and a showcase rare fashion pieces like this Louis Vuitton boxing set. Get all the details on Tradesy’s first showroom on WWD.com. #wwdnews
Spotted last night at the @erdem x @hm launch event: Kate Bosworth, Rashida Jones, Kirsten Dunst and Selma Blair. The party, which took place in LA, also marked the opening of their pop-up shop. “I was interested in creating a collection that wasn’t in any way disposable. It was about pieces you’d create and keep forever, things that have a permanence to it,” designer Erdem Moralioglu said. #wwdeye (📷: Katie Jones)
Renee Zellweger in yellow in 2001 and again in 2017. Chosen as one of the 12 @pantone Leading Spring Colors (and dubbed “Meadowlark”), it only makes sense that the bright hue stands the test of time and is making a resurgence this season, seen already on stars like @blakelively and @gigihadid. (📷: Donato Sardello & @rexfeatures) #wwdfashion #tbt
Dior’s 70th anniversary celebration continues with a new exhibition at the Royal Ontario Museum in Toronto. “Christian Dior,” which is scheduled to run through March 18, takes a look at the founders tenure from 1947 to 1057 and feature 40 designs. Pictured here is an evening gown from the Ailée, fall 1948-49 haute couture collection. #wwdfashion (📷: Brian Boyle)