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David Nicklaus is a business columnist for the St. Louis Post-Dispatch.

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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. The 46,000-square-foot pavilion will open to the public on Friday with free parking available at Creve Coeur Soccer Park. 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.