American Apparel Status Update

American Apparel Inc, which fired Chief Executive Dov Charney last week, mentioned this week that it was evaluating a proposed takeover.

As we read on Reuters, “The clothing retailer and manufacturer said the proposed offer - from a party it did not identify - was pitched at $1.30 to $1.40 per share, which would value the company at $226 million-$243 million”.

The Wall Street Journal reported last week that private equity firm Irving Place Capital was interested in making a bid at $1.30 to $1.40 per share.

Also mentioned in a Reuters article, “Charney increased his ownership of American Apparel to about 43 percent in July through a loan from hedge fund Standard General, although the fund controls his stake as collateral.  Standard General has placed several affiliates on the retailer's board and has plotted a future for the struggling company with or without Charney”.

Curios to see how this all pans out?  If Dov Charney has 43 percent, is it possible that he will take over once more?  Is it possible he is still orchestrating?