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Charney Fails to Retake American Apparel

BUMMER

$300M bid rejected by court.

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Dov Charney’s final attempt to regain control of American Apparel, which he founded in 1989, was rejected by a judge. Charney proposed a $300 million takeover in which he would regain his position as chief executive, but bankruptcy judge Brendan Shannon on Friday said his private equity-backed plan was a no-go. Charney was chief executive officer until 2014, when he was forced out.

Read it at The Guardian