The Fashion Files! Tuesday, May 1, 2012

5. American Apparel faces bankruptcy, while Dov Charney earns $10 million a year. Lion Capital has been bailing the company out of bankruptcy; however, the retailer has yet again failed to achieve the necessary goals in their credit agreement. American Apparel now has to give Lion Capital a discounted price from $1 to 75 cents on all of their shares. While his company is tanking, Dov Charney was compensated $10.1 million last year because of the stock awards he received, in addition to his salary of $750,000. [NYMagazine] [Dov Charney via]