American Apparel CEO: Firings "Necessary To Protect The Financial Health" Of Company
Paula Schneider told staff today that almost 2% of the company's staff, about 180 people, will lose their jobs. Her memo noted the failings of "previous management," which oversaw more than $300 million in losses over five years.
Exclusive: Low Interest Forces Cancellation Of SALT Asia, One Of The Hedge Fund Industry's Biggest Conferences
Several sources familiar with the situation said the Asian counterpart of Anthony Scaramucci's Skybridge Alternatives conference, dubbed "the Super Bowl of hedge fund conferences," has been scrapped due to low interest and a scheduling snafu.
The 10 Most WTF Moments Of Bill Ackman's Herbalife Presentation
Today, billionaire hedge fund manager Bill Ackman of Pershing Square Capital gave a three-and-a-half-hour presentation about Herbalife, the company he has a $1 billion short position in, and which he's spent $50 million to date trying to take down. Things got... weird.
How One Hedge Fund's Cupcake Addiction Could Have Cost It As Much As A Million Dollars
Cannell Capital in April doubled its stake in Crumb Bake Shop to more than a million shares, despite nearly all signs pointing to the company's ultimate demise. Earlier this week, the cupcake giant said it was closing all of its stores and going out of business.
Darden Sees Profit Drop 35% After Red Lobster Sale Announcement
The parent company of Olive Garden and Red Lobster missed analyst earnings estimates for the fourth quarter. Executives, who are facing shareholder opposition to the $2.1 billion sale of Red Lobster, called fiscal 2014 "a year of transformation."
How Red Lobster Got Trapped Between Its Parent Company And Activist Investors
Darden says its sale last month of the seafood restaurant chain for $2.1 billion was full and fair. Activist investors say it was a scorched earth tactic meant to save the jobs of executives. A showdown is set for the company's annual meeting later this year.
Trian Partners, Like Other Giant Hedge Funds, Is A Big Fan Of The Mystery Stock
Nelson Peltz's giant hedge fund is currently holding a position that makes up 11% of the entire $5.8 billion fund's portfolio, but has not had to reveal what the name of the stock is, even after the quarter's filing deadline has passed. This isn't the first time the SEC has allowed the fund, as well as other large managers, to withhold a major filing, and some smaller activist hedge funds are questioning the fairness of the practice.