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Gadzooks Inc. Stake Cut by Claire's Stores to 2.2% (Update1) (Adds closing stock prices)
Washington, June 23 (Bloomberg) -- Claire's Stores Inc. cut its stake in Gadzooks Inc. to 2.2 percent from 6.5 percent of common shares outstanding.
Claire's, a Pembroke Pines, Florida, retailer of fashion accessories for teenagers, sold 379,500 shares yesterday at $12.13 to $13.31 each, according to a Schedule 13D filed with the Securities and Exchange Commission.
Claire's now holds 200,000 shares in Gadzooks. Based in the Dallas suburb of Carrollton, Texas, Gadzooks is a specialty retailer of casual apparel and accessories, primarily aimed at teenagers.
Rowland Schaefer, the chief executive of Claire's, said yesterday that his company was selling its stake after failing to reach an agreement with Gadzooks management on the acquisition of Gadzooks.
Gadzooks shares rose 7/8 to close at 14 7/16. Claire's shares fell 2 3/8 to close at 26. |
