Cookies on the Business Insider India website

Business Insider India has updated its Privacy and Cookie policy. We use cookies to ensure that we give you the better experience on our website. If you continue without changing your settings, we\'ll assume that you are happy to receive all cookies on the Business Insider India website. However, you can change your cookie setting at any time by clicking on our Cookie Policy at any time. You can also see our Privacy Policy.

American Apparel Strikes Deal

Hayley PetersonJul 10, 2014, 02:31 IST

American Apparel

American Apparel will get $25 million from investment firm Standard General as part of a deal to help the troubled retailer pay off a $10 million loan, the company announced Wednesday.

The deal will shake up American Apparel's board of directors, forcing five of the seven current members - including CEO Dov Charney - to step down.

The deal comes several weeks after the company's board voted to fire Charney from his position as chief executive.

Here are the terms of the deal, in more detail, from the company's release: