{"id":47341,"date":"2015-04-07T07:27:57","date_gmt":"2015-04-07T11:27:57","guid":{"rendered":"http:\/\/www.hedgeco.net\/news\/?p=47341"},"modified":"2015-04-07T09:38:23","modified_gmt":"2015-04-07T13:38:23","slug":"hedge-fund-fueled-american-apparel-accused-of-firing-200-workers-the-day-after-handing-out-huge-bonuses","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/04\/2015\/hedge-fund-fueled-american-apparel-accused-of-firing-200-workers-the-day-after-handing-out-huge-bonuses.html","title":{"rendered":"Hedge Fund Fueled American Apparel Accused Of Firing 200 Workers After Bonus Blitz"},"content":{"rendered":"<p><a href=\"http:\/\/www.hedgeco.net\/news\/wp-content\/uploads\/2015\/04\/image.american-apparel-unisex-fitted-tee.white_.w460h520b3z11.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright  wp-image-47354\" src=\"http:\/\/www.hedgeco.net\/news\/wp-content\/uploads\/2015\/04\/image.american-apparel-unisex-fitted-tee.white_.w460h520b3z11.jpg\" alt=\"image.american-apparel-unisex-fitted-tee.white.w460h520b3z1\" width=\"395\" height=\"447\" srcset=\"https:\/\/hedgeco.net\/news\/wp-content\/uploads\/2015\/04\/image.american-apparel-unisex-fitted-tee.white_.w460h520b3z11.jpg 460w, https:\/\/hedgeco.net\/news\/wp-content\/uploads\/2015\/04\/image.american-apparel-unisex-fitted-tee.white_.w460h520b3z11-265x300.jpg 265w, https:\/\/hedgeco.net\/news\/wp-content\/uploads\/2015\/04\/image.american-apparel-unisex-fitted-tee.white_.w460h520b3z11-300x339.jpg 300w\" sizes=\"auto, (max-width: 395px) 100vw, 395px\" \/><\/a>New York (HedgeCo.Net) &#8211; American Apparel, under the corporate control of New York-based hedge fund Standard General, terminated close to 200 workers beginning on April 1, 2015.<\/p>\n<p>According to human rights organization Hermandad Mexicana, the firings came only one day after paying four executive officers hundreds of thousands of dollars in shares and stock options.<\/p>\n<p>A lot of the workers who were fired on April Fools Day were organizers and leaders in the fight for better conditions and wages.<\/p>\n<p>&#8220;It&#8217;s an embarrassing day for American Apparel, under new ownership and management since the ouster of iconic founder and former CEO Dov Charney, with the firing of 200 production workers,&#8221; declared Nativo Lopez, senior adviser to Hermandad Mexicana.\u00a0&#8220;I strongly suspect that the terminations were retaliatory towards those workers who were actively involved in the organizing efforts.&#8221;<\/p>\n<p>Lopez reported that a day after the terminations he shared the U.S. Security Exchange Commission report with the workers documenting the distribution of shares and stock options to American Apparel&#8217;s management.<\/p>\n<p><span class=\"xn-person\">Paula Schneider<\/span>, CEO, was issued 300,000 shares valued at <span class=\"xn-money\">$210,000<\/span> and 350,000 stock options valued at <span class=\"xn-money\">$140,000<\/span> for a total of <span class=\"xn-money\">$350,000<\/span>; <span class=\"xn-person\">Hassan N. Natha<\/span>, CFO, was issued 200,000 shares and 150,000 stock options, for a total equal to <span class=\"xn-money\">$200,000<\/span>; <span class=\"xn-person\">Chelsea A. Grayson<\/span>, General Counsel, was issued 200,000 shares and 150,000 stock options for a total of <span class=\"xn-money\">$200,000<\/span>; and <span class=\"xn-person\">Martin E. Bailey<\/span>, Chief Manufacturing Officer, was issued 82,750 shares and 82,750 stock options for a total of <span class=\"xn-money\">$91,025<\/span>.<\/p>\n<p>&#8220;It is the height of hypocrisy that Standard General&#8217;s management complains of financial challenges confronting the company, lays the blame on the former CEO, takes it out on the workers, and then pay themselves hefty annual bonuses,&#8221; concluded Lopez.<\/p>\n<p>Alex Akesson<br \/>\nFor HedgeCo.net<br \/>\nalex@hedgeco.net<br \/>\n<a href=\"http:\/\/www.hedgeco.net\/\" target=\"_blank\">HedgeCo.Net<\/a> is a premier hedge fund database and community for qualified and accredited investors only. Membership in HedgeCo.net is FREE and EASY. We also offer FREE LISTINGS for Hedge Funds!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>New York (HedgeCo.Net) &#8211; American Apparel, under the corporate control of New York-based hedge fund Standard General, terminated close to 200 workers beginning on April 1, 2015. According to human rights organization Hermandad Mexicana, the firings came only one day [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16044,3],"tags":[],"class_list":["post-47341","post","type-post","status-publish","format-standard","hentry","category-hedge-fund-strategies-2","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/47341","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=47341"}],"version-history":[{"count":11,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/47341\/revisions"}],"predecessor-version":[{"id":47358,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/47341\/revisions\/47358"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=47341"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=47341"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=47341"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}