American Apparel to determine Charney's future next month

|By:, SA News Editor

American Apparel (NYSEMKT:APP) will decide the fate of fired CEO Dov Charney by the middle of August, Reuters reports.

The retailer is planning to announce its new board of directors this week, after efforts made by Standard General helped navigate the company through its crisis.

Whatever the fate of Charney may be, American Apparel still faces debt of more than $250M, which is greater than its market capitalization of about $200M.