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Breeden's stake in Zale continues to rise

January 17, 2008

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New York—Investor Richard Breeden increased his stake in Zale Corp. for the second time in a week.

A filing made on Wednesday with the U.S. Securities and Exchange Commission (SEC) shows Breeden's stake in the struggling jewelry chain is now up to 18.1 percent, an increase from the 17.7 percent documented by a filing on Tuesday.

Breeden, former chairman of the SEC, is investing in the jewelry company through his Greenwich, Conn.-based company, Breeden Capital Management LLC.

In his original filing in September, Breeden stated that he had already had "conversations" with members of the Zale management team and that he would seek to continue talking with them about the company's strategic vision and financial situation.

Turbulent times abound at Zale.

President and Chief Executive Officer Betsy Burton stepped down last month, replaced by Neal Goldberg, former president of The Children's Place.

Zale saw same-store sales decline 9 percent for November and December 2007 and, earlier this week, announced the closing of 60 underperforming stores by mid April.

Editor's note: For earlier developments in this story, see Breeden raises stake in Zale, again.
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