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Details on Industry Insight.
LOS ANGELES--(BUSINESS WIRE)-- American Apparel, Inc. (NYSE Amex: APP), a vertically integrated manufacturer, distributor, and retailer of branded fashion basic apparel, announced today that it has appointed Tom Casey as Acting President of the Company. Following the amendment to American Apparel’s credit agreement with Lion Capital announced last week, Dov Charney, Chairman, CEO and founder of American Apparel, and Lyndon Lea, founder and partner of Lion Capital, are working together on developing an enhanced strategic plan for the company’s future growth, including the hiring of new senior executives. Mr. Casey will report directly to Dov Charney and will have primary responsibility for developing the going forward operating strategy of American Apparel.
“I am excited that Tom is joining American Apparel,” said Dov Charney. “Tom’s team building skills, strategic perspective and senior management experience will help us build a great future for the Company. We believe Tom will be instrumental in our efforts to continue to build our management team and bring additional operating disciplines to the business.”
Tom Casey has over 24 years’ experience in financial management and strategic planning. He served as Executive Vice President and Chief Financial Officer of Blockbuster Inc. from September 2007 through August 2010. At Blockbuster, Mr. Casey was responsible for strategic planning, finance and accounting, information technology, real estate and international operations. Prior to Blockbuster, Mr. Casey served for 20 years as a financial advisor to companies undergoing strategic change in the retail and consumer products industry. Mr. Casey served as a Managing Director for Deutsche Bank Securities, Inc. and held investment banking positions with Citigroup, Merrill Lynch and Dillon Read & Co. Mr. Casey has a Bachelor of Science degree in Ocean Engineering from The U.S. Naval Academy and received his MBA from Harvard Business School. Mr. Casey also serves on the board of directors of The Great Atlantic and Pacific Tea Company, Inc.
“American Apparel presents a very special opportunity” said Tom Casey. “I admire American Apparel’s commitment to creative thinking and fair treatment of its textile and apparel workers. I am intrigued by the international appeal of the brand and the Company’s vertically integrated and Made in USA business model. I see American Apparel in the early stages of its development and I believe that my experience can help shape the Company’s future.”
About American Apparel
American Apparel is a vertically integrated manufacturer, distributor, and retailer of branded fashion basic apparel based in downtown Los Angeles, California. As of September 30, 2010, American Apparel employed approximately 10,000 people and operated over 280 retail stores in 20 countries, including the United States, Canada, Mexico, Brazil, United Kingdom, Ireland, Austria, Belgium, France, Germany, Italy, the Netherlands, Spain, Sweden, Switzerland, Israel, Australia, Japan, South Korea, and China. American Apparel also operates a leading wholesale business that supplies high quality T-shirts and other casual wear to distributors and screen printers. In addition to its retail stores and wholesale operations, American Apparel operates an online retail e-commerce website at http://www.americanapparel.com.