(Reuters) - American Apparel’s APP.A third largest shareholder on Tuesday raised its passive stake in the troubled U.S. retailer to 12.48 percent from 2.49 percent.
Goodman & Company, a Canadian investment company, now holds about 13.61 million shares in the Los Angeles-based retailer.
American Apparel has been facing problems ranging from a long-running sales slump to controversies associated with its chief executive’s behavior and financial instability.
Shares of the company, which lost more than half their value over the past year, were up about 2 percent at $0.87 on Tuesday on the American Stock Exchange.
Reporting by Ranjita Ganesan; Editing by Supriya Kurane