American Apparel Receiving $14.9M

Clothing maker and retailer American Apparel (NYSE Amex: APP) has secured $14.9 million in new capital. A consortium, led by PE firm Delavaco Capital and Canadian financier Michael Serruya, has agreed to purchase about 15.8 million shares of common stock for $0.90 apiece. Additionally, American Apparel chairman and CEO Dov Charney will purchase up to 0.8 million shares at the same price. The investor consortium and Mr. Charney have also received the right to purchase up to an additional 27.4 million shares and 1.6 million shares, respectively.