American Apparel's co-chairman said on Monday the company was not for sale, had no need for immediate capital, and that the search for a new chief executive to replace ousted Dov Charney had generated ``enormous interest.''
The board of the hipster retail chain terminated Charney, the company's founder, as chairman and CEO last week, citing alleged misuse of corporate funds and his role in disseminating nude photos of an ex-employee who had sued him.
"We are certainly not looking to sell the company,'' Allan Mayer, the company's new co-chairman, told Reuters.
"If someone came and said they want to buy American Apparel for $10 per share, we'd be crazy to not listen ... but by no means (are we) looking to sell now,'' he said.
American Apparel's shares were down nearly 3 percent.
The stock rose as much as 5.4 percent in early trading after Charney said he wanted to talk to the company about shaking up its board and management.
Charney, the largest shareholder in the company with a 27.2 percent stake, said in a regulatory filing that he had been approached by "certain persons'' who had expressed support for his continued leadership.
Charney, who has a long history of allegations of misconduct and bizarre behavior—including appearing at a meeting in his underwear - said his supporters included stockholders.
"No idea who these supporters are,'' Mayer said.
Watch: Big retail board fights