Embattled American Apparel Inc (AAP) CEO Gives Up Stock

Embattled American Apparel Inc (NYSEMKT:APP) founder a Chief Executive Officer Dov Charney, ousted from the sexually aggressive retailer for assisting with nude photos of a former employee and romantic partner to be published on a web site,  has handed over his entire stake and voting rights in the struggling retailer to a friendly hedge fund for negotiations.

Charney failed to gain majority control of the company

Reuters is reporting that Standard General LP, after handing control of their shares to Charney, had all the voting shares handed back after Charney failed to gain majority control of the company, two sources close to the matter told Reuters. Charney’s goal was to gain...