American Apparel says company not for sale

American Apparel Inc's co-chairman said the company was not for sale and that the search for a new chief executive to replace ousted Dov Charney had generated "enormous interest."

American Apparel's board 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.

Allan Mayer, the company's new co-chairman, also told Reuters that American Apparel did not need immediate capital.

"We are certainly not looking to sell the company," he said. "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 looking to sell now."

American Apparel shares were trading at 67 cents shortly after midday on Monday.