Meet The Investors Willing To Bet $300 Million On Dov Charney
The investor group bidding for American Apparel Inc. is composed of three family offices that control a combined $2.4 billion and share a similar conviction: that the retailer’s ousted founder was wronged. The coalition announced a $300 million bid for American Apparel on Monday, arguing that the bankrupt clothing chain would be better off if it brought back its former chief executive officer, Dov Charney. They see the allegations that got Charney fired from the company in 2014 as trumped-up and are willing to overlook his controversial past because he’s vital to turning around the business. “Dov is a manufacturing and fashion maven,” said Chad Hagan, managing partner of one of the investors, Hagan Capital Group. “Any financier looking for a great opportunity would look to back him.” Read more at Bloomberg.
