The investment group that saved American Apparel from folding back in April is now selling shares of the company. American Apparel, known for its cotton basics, leotards, and leggings, has been struggling since it lost a total of $86.3 million in 2010.
The group of investors, headed by Toronto-based businessman Michael Serruya, originally provided American Apparel with a $15 million infusion. In addition, they have spent $1.6 million on the company since rescuing it.
Now, the group has filed paperwork in order to sell their 43.2 million shares, which makes up 23.3 percent of the company. It is too soon to tell how this move will hinder American Apparel’s bankruptcy battle.
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