April 29, 2011 / 8:43 PM / 8 years ago

UPDATE 1-Dov Charney reports lower stake in American Apparel

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April 29 (Reuters) - 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 investors.

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)

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