American Apparel founder Dov Charney has lost his last-ditch attempt to wrest back control of the bankrupt retailer he started in his Tufts University dorm room in 1989.
Charney, who had been chief executive until he was forced out in a 2014 boardroom coup, had been trying to buy the company out of bankruptcy. But on Monday, a US judge rejected Charney’s $300m takeover plan and sided with the company’s debtors, following a two-day court battle.
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The decision wipes out all American Apparel shareholders, including Charney, who was the company’s single biggest investor.
Read the full story at The Guardian, by Rupert Neate
