Dov Charney A No-Show At American Apparel Shareholder Meeting

by Annie Wazer | 2:55 pm, June 22nd, 2011

American Apparel may be (temporarily) in the clear after a group of Canadian investors bought $15.2 million worth of company shares last month, but it’s still deep in debt and recovering from losing a whopping $86.3 million in 2010 alone.

Given that the future of his company is bleak at best, it seems counterintuitive that CEO Dov Charney (who also happens to be the company’s principal shareholder) was noticeably absent from American Apparel’s shareholder meeting on Tuesday. WWD reports that Charney’s absence was due to a business trip to Japan, as explained by Charney in a text message, his preferred form of communication.

Charney, the majority shareholder with a 54.3% stake, wasn’t actually required to be present at the meeting, as he had already indicated his intention to vote affirmative on preventing his stake in the brand from being diluted, among other company proposals.

It’s been predicted that American Apparel won’t exist by 2012 — but considering the hoards of lawsuits against Charney and American Apparel alike, the company’s debts totaling over $120 million, and last year’s phenomenal decrease in sales, we have to wonder: will the company even make it to 2012?

Dov Charney Absent From American Apparel Annual Meeting [WWD]