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In a 13D filing after the close on Zale Corporation (NYSE: ZLC), Breeden Capital disclosed a 7.72% stake (3,784,639 shares) in the company. The firm noted past talks with management and said they may conduct future talks.

Breeden Capital is run by former SEC cheif Richard Breeden. The firm has pushed for changes at Applebee's (Nasdaq: APPB) and H&R Block (NYSE: HRB), winning board seats at both companies.

From the filing:

Representatives of the Reporting Persons have had conversations with the Company's management. The Reporting Persons intend to continue to pursue ongoing discussions with the Company’s management and potentially with members of the Company’s board of directors. Discussions to date have related primarily to the business, financial performance, operations, strategic plans and disclosure practices of the Company. As a result of the Reporting Persons’ ongoing review and evaluation of the business, they may also communicate with the board of directors and/or other shareholders from time to time with respect to operational, strategic, financial or governance matters, or otherwise encourage actions that the Reporting Persons believe in their discretion will enhance shareholder value.

Source: Breeden Capital Targets Zale Corporation