We knew times were rough for Dov Charney, but we didn’t know to what extent.
During a recent interview with Trish Regan of Bloomberg TV's Street Smart, the American Apparel founder revealed he only has $100,000 to his name—a relatively minuscule amount for a man who was once racking in $800,000 a year. But that all changed this past summer when the American Apparel Board of Directors decided to oust Charney as CEO following an ongoing investigation of misconduct. In July, he was given a new title as "strategic consultant," but was ultimately fired from that position as well earlier this month.
In addition to losing his job, Charney says he’s also been sleeping on a friend’s couch on the Lower East Side of Manhattan, leaving many skeptics to wonder: where did all his money go? Though he didn’t give an explanation during his interview, Charney simply cast blame on Standard General, a hedge fund that gave him a loan earlier this year so he could increase his ownership of the company.
“I gave Standard General my entire life's work, and they agreed to put me back in," Charney told Regan. "But instead, they used this investigation to fire me. They betrayed me. I gave them my heart. My shares ... They teamed up with Allan [Mayer, a board member] and worked against me."
If Charney's claims are true, then he's definitely in for a rough ride. There's no doubt that the $100,000 he has left will be used for legal fees.
[via NY Mag]
