Skip to main content
You are the owner of this article.
You have permission to edit this article.
Edit
Activist investor reduces stake in Build-A-Bear

Activist investor reduces stake in Build-A-Bear

  • 0
{{featured_button_text}}
180801 JG PGA Ch-24468769

FILE PHOTO: A PGA Championship themed Build-A-Bear ($28) photographed at the PGA Championship Shops Merchandise Pavilion at Bellerive Country Club on Wednesday, Aug. 1, 2018. Photo by Jon Gitchoff

Activist investor J. Carlo Cannell, who criticized Build-A-Bear Workshop's board two months ago, has reduced his stake in the stuffed-animal retailer.

Cannell notified the Securities and Exchange Commission on Wednesday that he has lowered his stake to 4.30 percent from 5.66 percent. His Alta, Wyo., investment firm, Cannell Capital, sold 205,188 shares this month for between $5.18 and $5.53 a share.

In a March SEC filing, Cannell criticized the board's "lack of alignment" with shareholders. He said he reserved the right to nominate new directors and to pursue "strategic initiatives to enhance shareholder value."

Another investor, David Kanen of Coral Springs, Fla., also has made noises about shaking up Build-A-Bear's board. Kanen owns 9.3 percent of the Overland-based company.

* I understand and agree that registration on or use of this site constitutes agreement to its user agreement and privacy policy.

Related to this story

Most Popular

Get up-to-the-minute news sent straight to your device.

Topics

Trending

Blues News

Breaking News

Cardinals News

Daily 6

National Breaking News

Sports