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Breeden ups stake in Zale

January 07, 2008

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New York—Former U.S. Securities and Exchange Commission (SEC) Chairman Richard Breeden has upped his interest in struggling jewelry chain Zale Corp.

A filing with the SEC on Monday shows Breeden has a 15.9 percent stake in Zale, up from the 13.3 percent reported last week.

Breeden is purchasing the shares through his Greenwich, Conn.-based investment fund Breeden Capital Management LLC.

The fund previously has said it plans to pursue ongoing discussions with Zale management, its board of directors and other shareholders about the company's strategy and increasing shareholder value.

Back in September, Breeden announced interest in purchasing Zale stock, which he said was undervalued.

Zale experienced a shake-up in upper management last month, during the time that Breeden, who is known for being an activist investor and stirring things up wherever he goes, was purchasing large shares of stock.

Zale Chief Executive Officer Betsy Burton stepped down on Dec. 20 and was replaced by outsider Neal Goldberg, a former president of The Children's Place Retail Stores Inc.

Previously, Breeden won three seats on the board and a chairmanship at H and R Block Inc.; shortly after, the company's chief executive resigned.

Breeden also fought to win seats on the board and strategy committee of Applebee's International Inc.

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