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* 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 (Reuters) - 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)