Los Angeles based retail chain American Apparel has received a takeover bid from a private equity firm that offers up to $1.40 US Dollar per share, valuing the company at up to $244.7 million.

The board of directors confirmed that it has received an indication of interest, but apparently no decision has been made yet: ‘The board takes these matters seriously, and will evaluate this proposal in the ordinary course of business. The company remains focused on positioning American Apparel for a successful turnaround’, so a spokesperson of the retailer.

2014 has been a turbulent year for American Apparel: founder and CEO Dov Charney was fired by the company due to numerous lawsuits claiming sexual misconduct over years; as of January 2015, his position is occupied by Paula Schneider, who has also served as president and senior officer for retail and fashion companies including BCBG Max Azria, Warnaco and Laundry by Shelli Segal.