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 Commission filing.
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)