Troubled retailer American Apparel Inc. has received a takeover bid of more than $200 million from an investor — part of a plan that would return ousted Chief Executive Dov Charney back to the company, according to a person familiar with the situation.
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 percetnt control to its largest bondholders.
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This 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 said.
Read the full story at Los Angeles Times, by Shan Li
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