The Traderszone Network

Published in TZ Latest News 3 July, 2014 by The TZ Newswire Staff

American Apparel founder Charney hands over stake to hedge fund

Earlier Standard General had loaned its American Apparel shares to Charney, according to regulatory documents, allowing him to boost his stake in the company from about 27 percent to 43 percent. Charney had hoped to gain majority control, but American Apparel countered with an anti-takeover plan that prompted him to change his strategy. As a result, the 45-year-old American Apparel founder handed over his entire holdings to his ally Standard General, according to the sources, who requested anonymity because the talks are private. American Apparel declined to comment.