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Bloomberg: American Apparel Founder Hires Investment Bank to Pursue Bid

December 07, 2015, 08:03 AM
Filed Under: Bankruptcy

Bloomberg reported American Apparel Inc. founder Dov Charney is working with a small investment bank on a potential bid to buy the clothing retailer out of bankruptcy.

Charney, who has been trying to regain control of American Apparel since being ousted last year, has engaged Cardinal Advisors LLC to evaluate options, according to a statement e-mailed to Bloomberg on Friday.

Charney was fired in December 2014 from his dual roles of CEO and chairman following allegations of misconduct. Bloomberg notes, Charney has since pushed for his return without success. The retailer was struggling with losses and debt under his leadership, and its results only worsened after his dismissal. That ultimately led the chain to file for bankruptcy protection in October.

See Bloomberg's story American Apparel Founder Hires Investment Bank to Pursue Bid.

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