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American Apparel hosts small shareholders meeting

June 22, 2011 | 12:13 pm

American Apparel held a low-key shareholders meeting in Los Angeles on Tuesday.

About a dozen people attended the 10-minute meeting and all of the company's recommendations were approved, according to a company official who was present. Two directors, Allan Mayer and Robert Greene, were reelected to the board for another term; the company enlarged its number of shares; and Marcum was approved as American Apparel's auditor.

"It was very small, short and sweet, nothing happened," the company official, who was not authorized to speak about the meeting, said. "It was mainly a bunch of housekeeping things."

Chief Executive and Chairman Dov Charney didn't attend because he was in Japan on business, visiting stores and trying to boost sales. Charney said on Wednesday that he wasn't required to be at the meeting and sent a proxy.

On Wednesday, financial news site 24/7 Wall St. listed American Apparel, which has struggled with its debt and sluggish sales, as a brand that would disappear in 2012. Other companies on the disappearing list included Sears, Sony Pictures, Nokia, MySpace and Kellogg's Corn Pops.

Charney said he hadn't seen the list and had no comment.

-- Andrea Chang