'%20x='0'%20y='0'%20height='100%25'%20width='100%25'%20%0A%20%20%20%20%20%20%20%20%20%20xlink%3Ahref='data:image/jpg;base64,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'%3E%3C/image%3E%3C/svg%3E)
American Apparel’s founder and former CEO, Dov Charney, is back in the news for lodging his personal bankruptcy in LA.
The New York-based investment firm, Standard General, took Charney to court in order to obtain an unsettled payment of $30 million. It is the amount that the entrepreneur was commanded to pay to the investment firm as per the previous lawsuit’s judgment.
All this started eight years ago, when Dov parted ways with American Apparel after he was expelled from his position as chairman and CEO of the company.
Know more about Dov Charney’s net worth
As reported by Celebrity Net Worth, the 53-year-old business mogul and entrepreneur, Dov Charney, has a net worth of $500 thousand.
During the years of his flourishing career, Dov purchased a luxurious house worth $4.1 million, which was known as “Garbutt House.” His house was located in the Silver Lake area of LA.
The state-of-the-art property was designed and constructed by Frank A. Garbutt in 1923. Designed with 20 rooms, the house was recorded on the National Register of Historic Places in 1987.
About Dov Charney’s career and downswing
Born in January 1969 in Montreal, Quebec, Dov gained a lot of popularity after establishing his American Apparel clothing line in 2003. The brand prospered under Charney’s reign, and it owned 281 retail locations in the US and Europe by 2009.
His label contributed to various social causes, including immigration and gay rights in the form of its "Legalize LA" and "Legalize Gay" graphics t-shirts. However, the Canadian entrepreneur went through a challenging period after 2014.
In 2014, the board of the label ousted Dov from the company in light of his inappropriate behavior and incessant sexual harassment accusations.
In the same year, Charney secured a deal with Standard General and borrowed around $20 million for the shares buyback of American Apparel.
Dov’s idea backfired and turned out to be the last nail in the coffin. He was removed from the company. The investment company moved ahead with the deal without him, and new management was hired. Following the unsuccessful remaking, American Apparel was sold to Gilden Activewear.
Although the label was purchased by Gilden Activewear Inc. from Standard General in 2017 on account of bankruptcy, the rivalry between Charney and the investment company persisted.
After moving out from American Apparel, Dov started afresh and instituted a Los Angeles Apparel in 2016.
Moving into 2020, the COVID-19 pandemic shattered Charney’s latest undertaking. Los Angeles Apparel finally shut this year, after more than 300 employees of the brand tested positive for coronavirus.
