Over the weekend, American Apparel founder Dov Charney gave his flailing clothing company a much needed shot in the arm by way of trading a couple million dollars for a few million shares of stock. Because he’s totally not going to need that money for anything else.
So how does the lawsuit-beleaguered CEO of a struggling apparel company liquid enough to buy a couple million dollars worth of anything? WWD reports that Charney, who already owned about 41 million of the company’s 79 million shares, managed to take over another six million shares. He paid $2 million for 1.8 million shares and converted a $4.7 million personal loan he made to the company a few years ago into another 4.2 million shares. Charney gets half of those shares today, but he won’t have the other half until the stock price reaches $3.50.
As of this article, the stock is trading at $1.02. Which means, essentially, that Charney is going to be even richer than he already is, assuming his new executive team’s restructuring plan goes off without a hitch. The man might be a creepy skeezeball who’s fighting allegations of rape, but we’re legitimately impressed that Charney continues to make millions from a company that’s doing as poorly as American Apparel.