New $300 million buyout offer for American Apparel

January 12, 2016 4:00 PM

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New $300 million buyout offer for American Apparel

LOS ANGELES, Jan. 12 (UPI) -- Clothing manufacturer American Apparel received a buyout offer of $300 million from a group supporting its founder and former CEO Monday, the same day stakeholders approved its bankruptcy plans.

Dov Charney, who started the Los Angeles-based company in 1989 but was ousted as CEO in 2014 after allegations of sexual harassment and misuse of funds, backs the offer of funding from Hagan Capital Group and Silver Creek Capital Partners. The investors said their offer was an "upward revision" from...

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