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Reuters
Published
May 2, 2011
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Dov Charney reports lower stake in American Apparel

By
Reuters
Published
May 2, 2011

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 investors.

American Apparel, Dov Charney
Dov Charney

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.

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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