American Apparel Names New Board Members, Stock Rises

American Apparel Inc. (APP), which earlier this month reached a deal with hedge fund Standard General and company founder Dov Charney over financing and board reconstitution, has named new members to its board, as five of the seven current members of the Board have irrevocably resigned, a regulatory filing showed. The stock gained over 5 percent in the extended trade.

Allan Mayer and David Danziger will remain as independent directors, and each will continue to serve as Co-Chairman of the Board.

The new members of the board include David Glazek and Thomas Sullivan, both designated by Standard General, as well as Colleen Brown and Joseph Magnacca, each mutually agreed between Standard General and American Apparel. Standard General can designate an additional individual to serve as a director.

Sullivan serves as a member of the board of directors of Media General, Inc., and Soohyung Kim, Chief Executive Officer of Standard General, also serves as a member of the board of directors of Media General.

Joseph Magnacca serves as Chief Executive Officer of RadioShack Corp. Standard General is the beneficial owner of 9.8 percent of the outstanding common stock of RadioShack.

APP, which closed unchanged at $1.09 on Wednesday, gained 5.5 percent in the extended trade.

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