The fate of American Apparel is looking grim, but the former CEO and founder isn't giving up so easily. Fired as CEO more than a year ago, Dov Charney has offered to buy American Apparel for $300 million, as it has filed for bankruptcy, Fortune reports. He's currently working with a group of investors who previously offered $200 million for the failing company.
The investors that Charney is working with are Hagan Capital Group and Silver Creek Capital Partners. Included in the bid is a proposed $90 million in new equity and a $40 million term loan, according to Reuters.
The two investors are putting their faith and trust in Charney who is bringing with him a business plan to bring American Apparel back to where it was. "Dov is a manufacturing and fashion maven. Any financier looking for a great opportunity would look to back him," said Chad Hagan, a managing partner for Hagan Capital Group, according to Bloomberg.
Charney was fired in December 2014 for alleged misconduct. There were reports of sexual harassment and discrimination, as well as accusations about misused company funds. He has since denied all accusations.
American Apparel filed for bankruptcy in October, and this is one of many attempts by the former CEO to see the company successful once more.
