Los Angeles-based hipster clothing maker American Apparel announced that it has hired former Blockbuster video chief financial officer Thomas Casey as its president.
American Apparel's attorney, Peter Schey, says "CEO Dov Charney is in this for the long haul" as the company known for its tights and neon looks muscles a turnaround effort. The downtown-based clothier will stay the course and won't give into Chinese manufacturing:
"We're not going to run offshore, fire workers, slash wages, or close down stores for short-term gains," Schey said.
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The clothier is know for its made-in-the-U.S.A. marketing as well as for its pro-immigrant-worker stance ("Legalize L.A.," state some of its t-shirts).
The hiring of Casey comes on the heels of news that the company has renegotiated its deal with a huge lender that could give it some breathing room as it tries to shake this recession.
American Apparel still faces shareholder lawsuits, but it has fended off threats by the New York Stock Exchange to delete its listing after the company failed to file its June financial reports.
There's hope for the neon faithful.