Investor group offers $300M to buy American Apparel
January 12, 2016
An investor group comprised of Hagan Capital Group and Silver Creek Capital Partners has submitted a $300 million offer to acquire clothing company American Apparel, a proposal backed by former CEO Dov Charney. The bid comes the same day that the struggling retailer's shareholders approved the company's bankruptcy restructuring plan. As outlined in the deal, the consortium would inject $130 million, comprised of $90 million in new equity and a $40 million new term loan. In 2014, the retailer generated $40 million of adjusted EBITDA on $600 million in net sales.