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American Apparel has adopted a one-year shareholder rights plan a day after its ousted CEO and founder Dov Charney made a bid to increase his control of the clothing chain. The Los Angeles-based retailer said early Saturday that the move, made by a special committee of its board of directors, is designed to limit the ability of any person or group, including Charney, "to seize control of the company without appropriately compensating all American Apparel stockholders.

Activist investor Carl Icahn said in a letter to Family Dollar Stores that the company be put up for sale immediately. He also said in the filing that three or four of his representatives should be added to the company's board immediately. Icahn reported a 9.39 percent stake in Family Dollar in June and has said he was considering pushing the $6.89 billion company to merge with rival Dollar General.