Shareholders have approved a plan by the founders of Tarrant Apparel Group to take the company private in a deal valued at $15.2 million, the company said Thursday.

Under the agreement, chairman and interim CEO Gerard Guez and vice chairman Todd Kay will acquire the Los Angeles company for 85 cents per share through their Sunrise Acquisition Co. The deal was first announced in February. Tarrant makes private label casual clothing.

More than 74 percent of Tarrant's outstanding shares voted in favor of the deal, the company said.

For reprint and licensing requests for this article, CLICK HERE.