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Ousted CEO Dov Charney Attempts Takeover Of American Apparel

American Apparel
Dov Charney was fired in 2014 as chief executive and chairman after an investigation into alleged inappropriate behavior with employees and misuse of company funds. Since then, he has been fighting to regain control of the company he founded (Thinkstock).

Troubled retailer American Apparel Inc. has received a takeover bid of more than $200 million from an investor as part of a plan that would return ousted Chief Executive Dov Charney back to the company, a person familiar with the situation told the Los Angeles Times.

The Los Angeles clothing manufacturer, which filed for Chapter 11 protection in October, is set to emerge from bankruptcy this month. The reorganization plan submitted at the time of the bankruptcy filing would take the company private and hand nearly 100 percent control to its largest bondholders.

The takeover bid could complicate the proceedings. The deal, which was submitted in late December, would return Charney to American Apparel in a senior role, the person told The Times.

Charney was fired in 2014 as chief executive and chairman after an investigation into alleged inappropriate behavior with employees and misuse of company funds. Since then, he has been fighting to regain control of the company he founded.

Charney announced in December that he had hired Cardinal Advisors to help explore options with potential investors. It was the first indication that Charney may try to offer an alternative plan in Bankruptcy Court.

Cardinal Advisors declined to comment. American Apparel said in a statement that it “evaluates all bids consistently.”

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