American Apparel Inc., the retail chain that ousted its controversial founder last week, said a buyer has expressed interest in acquiring the company for as much as $1.40 a share, confirming reports that have driven up the stock.

The company, one of several retailers that Mergers & Acquisitions put on bankruptcy watch for 2015, also said today that co-chairmen Allan Mayer and David Danziger have stepped down. They will be replaced by Colleen B. Brown, who joined the board in August. Mayer and Danziger will remain directors and keep their committee posts, the Los Angeles-based retailer said in a statement.

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