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Monday, June 23, 2014

American Apparel says company not for sale, (AMEX: APP)

American Apparel Inc's co-chairman said on Monday the company was not for sale, had no need for immediate capital, and that the search for a new chief executive to replace ousted Dov Charney had generated "enormous interest."The board of the hipster retail chain terminated Charney, the company's founder, as chairman and CEO last week, citing alleged misuse of corporate funds and his role in disseminating nude photos of an ex-employee who had sued him."We are certainly not looking to sell the company," Allan Mayer, the company's new co-chairman, told Reuters."If someone came and said they want to purchase American Apparel for $10 per share, we'd be crazy to not listen ... but by no means (are we) looking to sell now," he said.

American Apparel, Inc. is a vertically integrated manufacturer, distributor, and retailer of branded fashions basic apparel and accessories for women, men, children and babies. Shares of APP fell by 2.47% or $-0.017/share to $0.67. In the past year, the shares have traded as low as $0.46 and as high as $2.09. On average, 3337270 shares of APP exchange hands on a given day and today's volume is recorded at 7096767.