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New York City American Apparel has hired the former CFO of Blockbuster Tom Casey, as acting president, putting him in charge of leading the company as it embarks on a new strategy.
The announcement comes amid American Apparel's struggle to avoid being delisted by the New York Stock Exchange and to keep compliance with debt covenants.
American Apparel last month received a warning that it could be delisted as it delayed the filing of its second-quarter results amid the resignation of its accounting firm in July. The exchange later extended the delisting proceedings to Nov. 15, by which time the company has promised to file its quarterly results.
Casey was Blockbuster's financial chief for three years before departing ahead of last month's bankruptcy filing by the movie-rental chain.
American Apparel said he will have primary responsibility for developing the company's operating strategy.