American clothing chain American Apparel has enlisted the assistance of a bank to investigate its options when it comes to finding a new owner.
Possible Charney bid
Only 6 months after the company relaunched without its controversial founder, Dov Charney, the company is looking into its sales opportunities. Back then, management already entertained the idea of a possible company sale. Ever since its relaunch, its former debtors, like Monarch Alternative Capital, own American Apparel. In their struggle for control over the company, they won out over Charney, who had amassed several investment companies to table his own bid for the chain.
The founder informed Reuters he wants to see how much the current owners want for American Apparel before he will consider a new bid. He also added he is currently working on his new clothing chain.
The American company struggled for year after it failed to compete with the surge in online sales. After Dov Charney left, demanding a huge severance package, the chain went downhill even faster.