Ron Burkle Cuts Stake in American Apparel (APP)

Shares of American Apparel Inc. (AMEX: APP) are falling in the after-hours trade after Ron Burkle reported that he has cut his stake in the company. Currently shares are off by 5.17%, trading at $1.10; shares ended the regular session higher by 16.00%, trading at $1.16.

American Apparel, Inc. is a vertically-integrated manufacturer, distributor and retailer of branded fashion basic apparel. The company designs, manufactures and sells clothing for women, men, children and pets through retail, wholesale and online distribution channels.