Dov Charney Fans Bid $300 Million For American Apparel

American Apparel Founder Dov Charney might be out as CEO, but a group of potential investors in the company appears to have his back.

Chain Store Age reported yesterday (Jan. 11) that an investor group comprised of Hagan Capital Group and Silver Creek Capital Partners has put forth a $300 million buyout plan for American Apparel, which filed for Chapter 11 in October, and — on the same day that the buyout offer came in — announced that it has received unanimous approval on its own plan for restructuring.

The Hagen/Silver Creek group has the support of the company’s former CEO (and supports him in turn) and attests that its offer — which has a valuation range of $180 million to $270 million — is more sound than American Apparel’s restructuring strategy. While the group did not specify what Charney’s role would be, if any, were its bid to be accepted, it did remark in a statement that his “leadership and vision is central to American Apparel’s long-term viability.”

Chad Hagan, managing partner of Hagan Capital Group, stated (via CSA): “Removing him [Charney] from the company’s board and leadership was a shortsighted mistake, and we are seeing the results of this error unfold in the declining performance of the company today.”

“This is an important step forward in emerging from our restructuring process as a stronger, more vibrant company,” commented Paula Schneider, American Apparel’s CEO. “We are gratified to have reached this agreement with our Creditors’ Committee and to have achieved this consensus from our unsecured creditors, and we would like to thank them for their support. We remain focused on executing our turnaround plan and positioning American Apparel for the future by creating new and relevant products, launching new design and merchandising initiatives, growing our eCommerce business and creating exciting and creative marketing campaigns to share the story of our progress.”