American Apparel to sell $10M in stock after another rough quarter

American Apparel, in the midst of a retail fight with ousted founder Dov Charney, posted a heavy first-quarter loss and is looking to gain capital by selling $10 million in company stock. The stocks will be sold from time to time, not in one large sum, and the proceeds will become working capital for general corporate purposes. The troubled retailer posted a $26.4 million net loss and a 9.4 percent drop in revenue. CEO Paula Schneider is trying to reinvigorate the brand after a rough three years under Charney that left American Apparel with a loss of $340 million in five years, meaning a turnaround won't be seen for awhile. Story