CEO Dov Charney has reported a lowered stake of 45.6 percent in the company, after a recent stake sale to a group of private investors.
As of March 24, Charney 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.
UPDATE 1-Dov Charney reports lower stake in American Apparel [Reuters]
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