Staffing 360 Solutions Inc. (NASD: STAF) rejected a proposal by Jackson Investment Group LLC to purchase all shares of Staffing 360 at $1.10 per share, the company announced in a statement Monday.

“We truly appreciate the support of Jackson Investment Group and the words of confidence in our management team contained in the letter,” said Brendan Flood, executive chairman at Staffing 360 Solutions. “However, we believe that the offer significantly undervalues the Company and would not be in the best interest of the company and its shareholders.”

Staffing 360 had received the offer last Thursday, and it had been premised on senior management remaining with the company post closing.

Jackson Investment Group in January provided $7.4 million in financing to Staffing 360. It is led by Jackson Healthcare chairman and CEO Richard Jackson.