Newly named American Apparel (APP) co-chairman Allan Mayer told Reuters News the company was not for sale and that the search for a new CEO to replace Dov Charney, who was suspended as the company’s chief on Wednesday, with the board announcing its intention to terminate his contract with cause, had generated “enormous interest.”
Mayer, a veteran spin-master, also told the publication that American Apparel did not need immediate capital.
“We are certainly not looking to sell the company,” he said. “If someone came and said they want to buy American Apparel for $10 per share, we’d be crazy to not listen…but by no means looking to sell now.”
Shares of American Apparel, which are down more than 45% year-to-date, have posted an intraday loss of 2 percent, trading at $0.675 per share. APP topped $15 p/sh as recently as 2007.