American Apparel’s board of directors has received a takeover bid that values the company at US $ 1.30 to 1.40 per share or US $ 245 million on the whole. The board will evaluate this proposal in the ordinary course of business, as the company remains focused on positioning American Apparel for a successful turnaround. “It’s time to focus on the work ahead of us and push this company to reach its full potential. This is a pivotal moment for American Apparel, and I believe the company is poised for a significant turnaround. It will be very rewarding to work with an executive of newly appointed CEO Paula Schneider’s caliber, and I thank Allan and David for their diligent efforts as co-chairmen of the board,” said Colleen B. Brown, Chairperson, American Apparel.
