Chelsea Grayson Named New CEO of American Apparel

Paula Schneider resigned as CEO of American Apparel. She served that post only since early 2015. Lawyer Chelsea Grayson has been named by the Board at new CEO. Ms. Grayson had been serving as the American Apparel General Counsel and Chief Administrative Officer. We received a copy of the letter distributed to employees. The one page letter states somewhat cryptically that the reason for Ms. Schneider’s departure was,
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That Was Quick: American Apparel Emerges from Chapter 11

The CEO of American Apparel Paula Schneider says, “This is the start of a new day at American Apparel.” This is in regards to them (as expected) exiting Chapter 11 Bankruptcy at the end of last week. So ends any value to stock that was held and they are now a privately held company, American Apparel LLC. You can read the American Apparel press release
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