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Billionaire cuts investment in American Apparel

Billionaire Ron Burkle has cut his stake in US young fashion chain American Apparel.

Burkle held 4.3% of the company as of January 20, down from the 6% he held on June 14.

American Apparel has had to contend with a number of trading issues including the possibility of breaching covenants and allegations that it withheld information from its accountants. Sales have struggled at the chain.

Founder and chief executive Dov Charney is its largest shareholder.

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