American Apparel Reportedly Declines Charney's Bid

We've been reporting on the ongoing saga surrounding Los Angeles-based American Apparel's restructure application and the $300 million takeover bid from ousted CEO Dov Charney. Now, sources are reporting that the board of American Apparel has rejected the takeover bid.

According to Bloomberg, the bid will still go to court on Jan. 20, where American Apparel will seek approval for its reorganization plan introduced in October 2015. If approved, senior lenders, including Monarch Alternative Capital LP, would take over the company.