April 29 American Apparel Chief
Executive Dov Charney reported a lower stake of 45.6 percent in
the company, after a recent stake sale to a group of private
As of March 24, the CEO had a stake of 56.8 percent in the
company he founded, according to regulatory filings.
The clothing chain, known for its racy advertising and "Made
in U.S.A" clothes, raised $14.9 million earlier in the month by
selling a 20 percent stake to a group of private investors led
by Canadian financier Michael Serruya and Delavaco Capital -- a
much needed infusion for the company that was facing a
bankruptcy threat. [ID:nL3E7FQ382]
Shares of American Apparel closed down 6 percent at $1.45 on
Friday on the American Stock Exchange.
(Reporting by Nivedita Bhattacharjee; Editing by Don Sebastian)