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American Apparel board rejects Charney-supported takeover bid


Has founder and ousted CEO Dov Charney made his last stand at American Apparel?

The board of American Apparel Inc. rejected a $300-million takeover bid from Hagan Capital Group and Silver Creek Capital Partners — the investors aligned with Charney — according to the Los Angeles Times.

In December, the same investors submitted a $200 million offer for the embattled company. While they could come back with yet another bid, there is not much time left. American Apparel is scheduled to seek approval from a bankruptcy court judge on a hearing set for Jan. 20 for its reorganization plan, which has received approval from most of its creditors.

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