US apparel business Perry Ellis International has formed a special committee to evaluate an unsolicited proposal by its former CEO to take back control of the company.

On 6 February, the apparel company’s founder and former CEO, George Feldenkreis, made a bid to buy all of the company’s remaining outstanding stock and take the company private. He currently owns around 11% of Perry Ellis stock.

In his filing, Feldenkreis said that under the current public company paradigm, Perry Ellis is “constrained by short-term objectives and a risk averse board unprepared to underwrite the business initiatives and opportunities that will drive shareholder value.”

He added: “Shareholders will suffer under the status quo.

“The branded apparel and retail sector is in the midst of unprecedented disruption and competition that necessitate conviction in strategy and long-term orientation toward investment in our brands, capabilities and people.”

The special committee comprises Joe Arriola, Jane DeFlorio, Bruce Klatsky, Michael Rayden and J David Scheiner, who will serve as chair. It will evaluate the proposal and says that no decision has yet been made with respect to the company’s response.

“There is no assurance the proposal will result in a definitive offer to purchase the company’s outstanding capital stock or that any definitive agreement will be executed or that the proposal or any other transaction will be approved or consummated. The company will not move forward with any transaction unless it is approved by the special committee.”

Feldenkreis founded Supreme International, which later became Perry Ellis, and led the company for 50 years. He stepped down as CEO in January 2016 when his son, Oscar, took over day-to-day operations. In September last year, the company said it was eliminating Feldenkreis’s position of executive chairman and he was replaced by J David Scheiner, former president and COO of Macy’s Florida/Puerto Rico, in a new role of non-executive chairman.