Clothing maker Tarrant Apparel Group has hired legal advisors to evaluate a proposal by two of its founders to buy the company.

Todd Kay and chairman and interim CEO Gerard Guez, who between them own 51% of the company's common stock, in April said they wanted to buy the remaining shares.

They offered $0.80 per share in cash - an 11% premium to the closing price of Tarrant's common stock on 25 April.

Tarrant Apparel's board of directors has since formed a special committee of independent directors to consider the proposal.

And on Friday (13 June) said it has retained law firm Bingham McCutchen LLP as its legal advisor and Houlihan Lokey Howard & Zukin as its financial advisor on the matter.

The Los Angeles-based company, which designs and sources private label and private brand casual apparel, said it does not expect to provide further updates until the special committee has completed its work.

In its first quarter results, posted last month, the firm swung to a net loss of $253,000 after being hit by a one-off charge from US Customs. Sales were down 10% to US$50.5m on lower private label sales.