What do clothing retailer American Apparel and movie-rental chain Blockbuster have in common?
Up until now, only an unstable balance sheet, and an uncertain future.
But today, the racy provocateur announced another bond to Blockbuster, as it hired former Blockbuster Chief Financial Officer Tom Casey as acting president.
Casey seems like an unlikely choice as a turn-around specialist. He was Blockbuster's financial chief for the three years before its recent bankruptcy filing.
And, American Apparel is flirting with financial disaster--struggling to avoid being delisted by the New York Stock Exchange, and dealing with the affects of an economic downturn that's ravished sales.
At least Casey comes with a lot of experience working within organizations in strategic turmoil.
American Apparel said he will have primary responsibility for leading the company and developing the company's operating strategy.