July 3 American Apparel's second-largest
shareholder, FiveT Capital, has sold the majority of its stock
in the retailer, according to a U.S. Securities and Exchange
The Zurich-based asset management firm lowered its stake in
American Apparel to 3.19 percent from the 12.68 percent it had
amassed by April, according to regulatory filings, the most
recent of which became public Thursday. The firm did not respond
to immediate requests for comment.
FiveT Capital's founding partner Johannes Minho Roth said
uncertainty over the retailer's future - following the ousting
of its CEO Dov Charney on June 18 - caused the firm to sell some
of its shares, according to a story in The New York Times.
(Reporting By Jeffrey Dastin; Editing by Bernard Orr)