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Ousted American Apparel CEO increases stake

By Anne D'innocenzio
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Ousted American Apparel CEO increases stake

NEW YORK (AP) — The battle for control of clothing chain American Apparel is heating up.

Ousted American Apparel CEO Dov Charney has increased his stake in the clothing chain to nearly 43 percent as he fights to keep control of the company he founded in 1998. Charney was able to increase his stake through a partnership with financial firm Standard General, which is loaning him the money. But the board is scrambling to make its own moves to keep him out.

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