Cherokee Group Chairman James P. Argyropoulos dropped...

Cherokee Group Chairman James P. Argyropoulos dropped plans to join other Cherokee executives in an investor group that has offered to buy the Sunland-based apparel concern for $161 million. Argyropoulos, who owns 14.5% of Cherokee, also announced that he would not support any by the group because of a “deep conviction” that the debt needed to finance the deal “would put at risk the company’s future and employee jobs.” The group, minus Argyropoulos, first offered $12.50 a share in May, but the deal was rejected by Cherokee’s outside directors. Last week, Argyropoulos had joined the group in offering $13 a share.