American Apparel Inc.’s board of directors rejected the latest takeover offer involving the company founder and fired Chief Executive Officer Dov Charney, Bloomberg News reported yesterday. The vote means an offer valued at $300 million from three investment funds who’ve aligned with Charney must be further sweetened to win over the company, or they must convince a judge next week to throw out a competing proposal backed by American Apparel’s lenders. The company is open to a revised offer from the funds. Hagan Capital Group and Silver Creek Capital Partners have offered to buy the company and bring back Charney, who was fired in 2014 when the board accused him of misusing corporate funds and violating the sexual-harassment policy. Time is almost up for the funds and Charney. On Jan. 20, the company will be in court seeking approval of its reorganization plan, which would cut about $200 million of debt. The company would be taken over by a group of senior lenders, including Monarch Alternative Capital LP.
