American Apparel CEO Praises Economic Milestones

Dov Charney, C.E.O. of retail giant American Apparel, announced the achievement of economic milestones during a recent press conference in Los Angeles.

American Apparel, owner of the nation's largest garment factory, topped a worldwide employment figure of 10,000, said Charney. The company has hired roughly 3,500 employees so far in 2008, he added, including 2,500 manufacturing hires at American Apparel's Los Angeles facilities.

"I am very pleased by the rapid expansion of American Apparel this year, the continued momentum our business is enjoying worldwide, and the important investments we have made this year to position the company for future growth and profitability" said Charney, according to Business Wire. "We have welcomed a large number of new employees into the American Apparel family this year, and by so doing have made it possible for them to earn a decent livelihood for themselves and their families."

Los Angeles Mayor Antonio Villaraigosa, who attended the press conference to announce the kick-off of his economic stimulus plan, which hopes to create 100,000 Los Angeles-based jobs by 2010, said: "Over the past number of years, American Apparel has played an important role in the revitalization of downtown Los Angeles and has created thousands of jobs in the process," said Charney, Business Wire reported. "With the jobs that American Apparel has created so far this year, we are well on our way towards meeting my goal of creating 100,000 living wage jobs in Los Angeles by 2010."

Charney also announced American Apparel had completed the grant of roughly 1.9 million shares of the firm's common stock to its factory employees, worth approximately $18 million. The company will distribute another 800,000 shares in the near future, Charney added.

"I am particularly proud that so many of our long-standing manufacturing employees have become shareholders in American Apparel, which serves as recognition of their contributions to the company's success," said Charney, according to Business Wire. "Going forward they will now have a direct stake in American Apparel's financial success."

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