American Apparel Lincoln Road

American Apparel hires investment bank to explore sale: sources

an US Apparel store logo design is pictured on a building over the Lincoln Road Mall in Miami seashore, Florida March 17, 2016. REUTERS/Carlo AllegriAn American Apparel store logo design is pictured on a building across the Lincoln Road Mall in Miami Beach Thomson Reuters

By Lauren Hirsch and Jessica DiNapoli

(Reuters) - American Apparel LLC, the U.S. child garments merchant recognized for its intimately suggestive marketing, has hired investment bank Houlihan Lokey Inc to explore a sale, individuals knowledgeable about the situation said on Wednesday.

The sale procedure comes simply six months after American Apparel surfaced from part 11 bankruptcy, following public ouster of the controversial president and chief executive officer, Dov Charney, and a string of losses that company features struggled to reverse.

The resources asked to not be identified considering that the purchase process is confidential.

"As we have actually regularly communicated to staff members, vendors and clients, we continually evaluate strategic options, " United states Apparel, which will be now possessed by its former creditors, said in a declaration.

When called for remark, Charney said he would have to see what the asking price for their old organization is before considering making a quote. He included that he's working on establishing a new apparel business.

Charney, with help from people that included Hagan Capital Group and Silver Creek Capital Partners, had mounted an unsuccessful $300 million quote for American Apparel in January.

Houlihan Lokey declined to review.

Charney was fired as CEO of American Apparel in 2014. The business cited improper behavior and abuse of business funds.

In March, American Apparel named the previous mind of bag store Liz Claiborne Inc, Paul Charron, as chairman of the new board of administrators.

Teen clothing retail has-been struck because of the growing interest in online shopping. At the least eight teen clothing stores have actually filed for personal bankruptcy this present year amid fierce competitors and stagnating sales, including Aeropostale Inc, Pacific Sunwear of California Inc, The Wet Seal Inc..

Information and information supplier Reorg research throughly first reported on United states Apparel dealing with Houlihan Lokey on a sale.

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