January 15, 2016 / 12:56 AM / 3 years ago

American Apparel rejects takeover bid: Bloomberg

Automobile light streaks are pictured at the American Apparel factory headquarters in Los Angeles, California July 7, 2014. I REUTERS/Jonathan Alcorn

(Reuters) - Bankrupt teen apparel retailer American Apparel Inc’s APPCQ.PK board has rejected the latest takeover offer involving the company’s controversial founder, Dov Charney, Bloomberg reported, citing two people familiar with the decision.

Earlier this week, the Los Angeles-based company received a $300 million bid from a group of investors who are backing the return of Dov Charney.

American Apparel is open to a revised offer from the funds, Bloomberg reported on Thursday. (bloom.bg/1lbRGeX)

The company was not immediately available for comment.

Reporting by Anya George Tharakan in Bengaluru; Editing by Sandra Maler

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