Shareholders have approved a plan by the founders of private label casual clothing supplier Tarrant Apparel to take the company private in a deal worth US$15.2m.

Under the terms of the agreement, chairman and interim CEO Gerard Guez and vice chairman Todd Kay will acquire Tarrant through acquisition vehicle Sunrise Acquisition Company.

Once the deal, which was first announced in February, has been completed, all outstanding shares not already owned by Guez and Kay will pass to Sunrise, at a price per share of $0.85, valuing the deal at a total of $15.2m.

Earlier this month the Los Angeles based company swung to a second quarter profit of $219,000 despite sales tumbling 20% to $41.0m.