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The board of American Apparel Inc. (NYSE: APP) received a letter from British buyout firm Lion Capital, pushing it to explore strategic options include a sale, a source familiar with the situation said on Sunday. The company also announced plans to nominate one of its founders to AAP's board of directors. The board recently received an offer for $1.40 per share for the company from Irving Place Capital, but rejected the deal after saying the value was too low. APP stock is up marginally after the company recently relieved its founder and CEO Dov Charney of his duties last month.