American Apparel Adopts Stockholder Rights Plan
American Apparel has adopted a one-year shareholder rights plan a day after its ousted CEO and founder Dov Charney made a bid to increase his control of the clothing chain. The Los Angeles-based retailer said early Saturday that the move, made by a special committee of its board of directors, is designed to limit the ability of any person or group, including Charney, “to seize control of the company without appropriately compensating all American Apparel stockholders.
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