Dov Charney Will Be at the Helm of American Apparel For At Least Another Three Years

Despite the fact that his company’s been on the brink of bankruptcy for some time–and never mind those pesky sexual harassment accusations –Dov Charney has just been signed to another three-year contract as CEO with American Apparel, according to WWD.

Even with the $80 million lifeline American Apparel recently received from George Soros-backed Crystal Financial LLC and and Salus Capital Partners LLC, American Apparel may still be destined for bankruptcy because that deal came with a high interest rate of 9.5%, adding to the company’s already crippling debt. (They owe a whopping $116 million to London-based Lion Capital, at an interest rate of 18% per year.) Ouch.

So it’s somewhat surprising to learn that Charney is still raking it in: According toWWD, Charney’s new contract sets his salary at a minimum base of $800,000 a year. What’s more, Charney will be eligible to receive incentive bonuses with a target of 150 percent of his base salary, as well as 7.5 million additional shares of American Apparel stock, if he reaches certain goals.

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