Investor Adds to Zale Stake

Richard C. Breeden, the former Securities and Exchange Commission chairman who is now an activist investor, has raised his stake in the Zale Corporation, the jeweler, to 13.3 percent from 7.7 percent, according to a regulatory filing made Wednesday.

Mr. Breeden bought the additional 2.16 million shares through his investment vehicle Breeden Capital Management from Nov. 8 through Dec. 28 at prices varying from $15.60 to $19.18.

He first reported a stake in Zale in September, when he said he believed that the stock was undervalued and that he might in the future try to start a major transaction at the company.

Zale named Neal Goldberg, a former president of Children’s Place Retail Stores, as chief executive on Dec. 20. The company is streamlining its business to increase its core mall-based sales, having sold its higher-end Bailey Banks & Biddle chain in 2007.
Source: nytimes