Last month, Jeffrey Kolb, who owned 986 shares of American Apparel, said he intended to nominate the company’s former finance chief Adrian Kowalewski and Lucky Brand cofounder Gene Montesano to the board.
The firm said in a regulatory filing that it reached an agreement with Kolb Sunday that includes an advisory committee comprised of “industry executives, company employees and other qualified personnel that will provide insights, guidance and strategic input.”
American Apparel also agreed to identify a new independent director with significant retail and/or apparel experience to fill a vacant seat on the board.
Schneider has been trying to turn around American Apparel while fending off ousted founder Dov Charney. Last week, a judge in the Delaware Court of Chancery granted the company’s request for a temporary restraining order that bars Charney from attempts to remove American Apparel board members or from making disparaging remarks about the company or its employees.
The firm also filed an investor presentation with the Securities and Exchange Commission laying out its vision going forward.
American Apparel sees an “intermediate-term” opportunity to push revenues to $700 million to $750 million, from $609 million last year, while producing earnings before interest, taxes, depreciation and amortization of $65 million to $75 million. Longer-term, the American Apparel sees an opportunity to boost revenues to $1 billion with EBITDA of $125 million to $150 million.