A U.S. judge on Monday said he would approve American Apparel Inc’s plan to exit bankruptcy and rejected a takeover attempt from the teen retailer’s founder and ousted chief executive, Dov Charney. The ruling by U.S. Bankruptcy Judge Brendan Shannon clears the way for hedge funds including Monarch Alternative Capital to control the operator of more than 200 stores when it exits Chapter 11. Los Angeles-based American Apparel Inc, known for its “Made in the U.S.A.” fashion and sexually charged advertising, filed for bankruptcy in October, blaming changing tastes and too much debt.