American Apparel CEO and self-proclaimed creep-extraordinaire, Dov Charney, was ousted by the board committee of his own company on Wednesday.
While words like “alleged misconduct,” and “terminate for cause,” are the only things being said as of right now, the true reason for Charney’s job loss from the brand he created on his own remains vague, though everyone has their suspicions.
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Chief financial officer, John Luttrell, is currently taking over as CEO. Under the terms of his contract, Charney has been suspended for 30 days after which full termination will take effect. You may be asking yourself, how does the owner and creator of a worldwide, well–known brand, find himself in such a pickle?
Charney has been the subject of controversy for years, with his racy advertisements that feature models who look like they’re barely out of high school. Not to mention the hyper-sexualized upskirt photo, uh, we mean, “miniskirt ad” that the company released in March.
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The retail pioneer has also been dogged with allegations of sexual harassment for years. While he may be very vocal about his feelings towards sweatshops and improper wages, Charney has kept quiet about his termination so far. Earlier this year however he gave an interview to NPR’s Marketplace in which he described himself as the company’s biggest problem and said, “I’m my own worst enemy.”
All of this comes out on the heels of a five-year slump for American Apparel, whose stocks have been continuously declining and who also reported a net loss of $106.3 million for 2013, a $69 million dollar increase over their losses for 2012.
Although no one can predict the future, it doesn’t look too bright for the sweatshop free brand.
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