Change happens fast at American Apparel. Less than a week after the retailer fired founder Dov Charney after suspending him in June and hired a new CEO, the company has announced that it has appointed a new chairperson of the board, Colleen B. Brown.
American Apparel coupled the news of Brown's appointment on Monday with confirmation that it has, as rumored, received a buyout bid from Irving Place Capital, a private equity group that counts Rag & Bone and 7 for All Mankind among its portfolio companies.
Brown is replacing Allan Mayer and David Danziger, who took over as co-chairmen of the board when Charney was suspended. Both will stay on the board.
It may be a tumultuous time at American Apparel, but all the changes seem to please investors. Stock prices have been rising all week and gained another 6.5 percent on Monday.