FiveT Capital, American Apparel Inc.’s second-largest shareholder, has sold most of its stake in the clothing company, Reuters reports.
An asset management firm located in Zurich, FiveT Capital sold roughly 75 percent of its shares in the company, lowering its stake from 12.68 percent to 3.19 percent. According to the New York Times, Johannes Minho Roth, one of FiveT’s founding partners, said Thursday that several fears, some prompted by the ousting of CEO Dov Charney, led to the firm’s decision to sell.
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