Dov Charney May Be Trying to Buy Back American Apparel

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Eliza Brooke
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Naturally.
It's not over. Photo: Stephen Shugerman/Getty Images

It's not over. Photo: Stephen Shugerman/Getty Images

Oh, like you really thought this American Apparel saga was over.

Just days after Dov Charney was finally, officially, fired from the company he founded, reports have emerged that he's angling to take American Apparel back. According to Bloomberg, Charney is now working with the private equity firm Irving Place Capital on a bid to acquire the hipster-wear retailer. 

Reps for Irving Place Capital and American Apparel did not immediately respond to request for comment.

While some of us would love to see Charney take on a new project — although American Apparel has lost a lot of its luster, the massive popularity it once enjoyed proves that he knows how to capture our collective imagination — it would be surprising if he let go of the company without a fight. Investors, however, seem happy about his dismissal. At the same time AA revealed Charney's termination, the company announced that it had hired Paula Schneider, a BCBG and Laundry by Shelli Segal vet, as its new CEO, sending shares up nearly 10 percent in after-hours trading. Shares shot up another 45 percent on Thursday following the report of a potential takeover bid.

Irving Place Capital's current portfolio companies in the fashion world include Rag & Bone, 7 for All Mankind, Stuart Weitzman and Aéropostale.