SAN FRANCISCO -- Billionaire investor Ron Burkle cut his stake in struggling retailer American Apparel this month, according to a regulatory filing Tuesday. Burkle sold 909,500 shares and now owns 4.3% of American Apparel's outstanding stock. Burkle sold the shares at prices ranging from $1.40 to $1.65 a share from Jan. 10 to Jan. 20. He remains as American Apparel's second-largest shareholder behind founder and chief executive Dov Charney, based on FactSet Research data. American Apparel lost $67 million for the nine months ended Sept. 30. Its shares closed at $1.16 in regular-hours trade Tuesday.
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