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American Apparel Board Nominees Withdrawn as Advisory Panel is Formed

A minority shareholder of embattled downtown apparel manufacturer and retailer American Apparel Inc. has withdrawn his attempt to nominate directors at next month’s annual shareholders’ meeting.

Jeffrey Kolb, who owns less than 5 percent of American Apparel shares, and the company agreed over the weekend that the company would form an advisory committee made up of retail industry executives, employees and others to offer Chief Executive Paula Schneider industry insight and strategic input. American Apparel also agreed to look for an independent director with significant senior management experience in the retail and apparel industry to fill a vacant seat on the board before next year’s annual shareholders’ meeting.

In return, Kolb withdrew his intention to nominate two candidates at the July 16 annual meeting.

In an SEC filing, Kolb said he would nominate Gene Montesano, co-founder of Lucky Brand jeans, and Adrian Kowalewski, American Apparel’s chief financial officer until 2011 to serve on the board. Under the agreement reached Sunday, Montesano may, if he chooses, head the advisory committee. He has withdrawn his name from consideration for the board. Kowalewski also withdrew from consideration for a board seat.

American Apparel declined to comment for the story.

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