Having emerged from bankruptcy six months ago, American Apparel is now said to be looking for a buyer. Global investment bank Houlihan Lokey has been hired to sell the company, reports WWD and is reaching out to the "usual suspects" as potential buyers.
The US-based retailer has seldom been out of the headlines over the last two years, after experiencing difficulties getting the brand back on track following its lengthy battle with former owner and founder Dov Charney So far, Charney hasn't been approached about buying his former business.
Yesterday, Charney - who announced his plans to create a "basics brand for men and women that will be manufactured entirely in the US and will begin with a focus on developing the wholesale channel" in February - was vocal in his critique of the way that the company has managed its position.
"In December 2015, I submitted a $525 million indication of interest, and now less than a year after they went bankrupt, they're struggling and trying to sell the company," he said. "That I find astonishing. They've stripped the company of its assets. They've fired all the creatives with a brutal corporate control battle. They've lost hundreds of workers. It's astonishing."