American Apparel Names New Ceo

American Apparel (Los Angeles) announced it will be replacing its ceo next week. Paula Schneider, who has served as ceo since last year, will be replaced by Chelsea Grayson, a lawyer who has served as general counsel for the retailer for almost two years.

According to the Los Angeles Times, the fact that Grayson has little retail experience but does have a background in mergers and acquisitions may mean that the retailer is exploring the possibility of being sold. However, the company told the newspaper that it “does not comment on rumors or speculations.”

Schneider was brought on board to help turn the company around after it filed for bankruptcy.