Charney shifts Apparel shares

AMERICAN Apparel’s ousted executive Dov Charney yesterday handed over his stake and voting rights in the retailer to Standard General, enabling it to negotiate directly with the independent directors over the company’s future.

Standard General had loaned its American Apparel shares to Charney, boosting his stake in the firm from about 27 per cent to 43 per cent. Charney was ousted after of sexual and financial misconduct allegations that he has strenuously denied.

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