* Activist investor's stake now 18.51 percent
* Breeden disclosed 24 percent stake in February (Adds details of sale, background)
By Alistair Barr
SAN FRANCISCO, June 10 Activist investor Richard Breeden cut his stake in jewelry retailer Zale Corp to less than 19 percent from more than 24 percent ZLC.N, a regulatory filing showed on Friday.
The investor's hedge fund, Breeden Capital Management LLC, disclosed an 18.51 percent stake in Zale in a filing with the U.S. Securities and Exchange Commission.
A similar filing from Feb. 23 said Breeden Capital held 24.27 percent of Zale's outstanding shares.
Breeden, a former SEC chairman, takes large stakes in companies and pushes for management and corporate governance changes.
His fund has been a major investor in Zale for several years. It suffered losses on the stake when the jewelry retailer struggled during the recession. (Reporting by Alistair Barr)
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