Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
Tom Casey takes over the job as the retailer fights for its survival.
American Apparel Inc. today appointed Tom Casey as the company’s acting president. Casey, a former executive vice president and chief financial officer for Blockbuster Inc., takes over the job as the apparel retailer tries to keep paying its debts and stay alive.
Casey worked at Blockbuster between September 2007 and August 2010. He also has 20 years of experience as a financial advisor to retail and other businesses, says American Apparel, No. 269 in the Internet Retailer Top 500 Guide. He reports to Dov Charney, the company’s CEO and founder.
“Tom’s team building skills, strategic perspective and senior management experience will help us build a great future for the company,” Charney says. “We believe Tom will be instrumental in our efforts to continue to build our management team and bring additional operating disciplines to the business.”
In August, American Apparel, facing operating losses of $7 million, warned it might miss compliance on a loan held by Lion Capital. Lion and American Apparel last week ago reached an agreement that gave the retailer breathing room. The agreement called for the hiring of several new senior executives.