Billionaire Ronald Burkle has reduced his 6 percent stake in apparel maker American Apparel Inc. to 4.7 percent over the past two weeks, but is still the second largest individual shareholder after founder Dov Charney.

Burkle, who accumulated his stake last June, said in a U.S. Securities and Exchange Commission filing released Tuesday that he sold 909,500 shares between Jan 10 and Jan. 20. He now holds roughly 3.4 million shares.

As of early December, Charney controlled 41 million shares, or 57.4 percent of the company he founded in 1998. After Charney and Burkle, the next largest holder is Bandera Partners LLC with 2.33 million shares, or a 3 percent stake.

Burkle make his fortune in the grocery industry, but his investment company, Yucaipa Cos., also has stakes in consumer products companies. In June, Burkle said in a SEC filing that he bought the shares because he considered them undervalued.

He did not give a reason for the sale in his latest filing, but American Apparel shares have lost value since June, when closing prices ranged from $1.35 to $1.83.

Shares closed up 16 cents, or 16 percent, to $1.16 in the New York Alternet.