this is part of a deal with cherney under which he'll control the stake.g of american apparel paying off the $10 million loan from lion capital has the right to call it in if cherney was removed. if the loan isn't repaid, the company could default on a $10 million line of credit. american apparel has agreed to replace the entire board except for its two co-chairmans who have more retail experience. now, still unclear what role cherney will play in the future if at all, but standard general is awaiting the results of an investigation into his behavior. cherney was fired over accusations of misusing company funds and his alleged role in distributing naked photos of a former employee suing him for sexual harassment. if he's cleared of wrongdoing, cherney could remain with the company but probably not the ceo. the american apparel stock is down 29% year to date and does have a very tiny market cap, we should note that for the viewers, but shifting gears entirely, leaders today will join me on "closing bell" as i sit down with kim, khloe and kourtney kardashian