Check out the new board members at Zale.
 
Richard Breeden, the former SEC chairman turned activist investor, and his partner James Cotter, were named to the board of the struggling jeweler, which saw same-store sales fall 9 percent during the holiday season.
 
Their firm, Breeden Capital Management, has amassed more than an 18 percent stake in Zale, and as the term “activist investor” implies, don’t expect Breeden and Cotter to be patient board members.
 
“We believe that there are major opportunities for Zale to strengthen its profitability and its market value. We are excited to join with the board and the Zale management team in pursuing those opportunities with vigor and immediacy,” Breeden said in a statement released by Zale.
 
Breeden has said in regulatory filings that he believes Zale’s stock is undervalued and that he might initiate a major transaction at the company.
 
The jewelry sector has been pretty cold lately, hit by the slumping U.S. economy. Wonder if the board discussions at Zale are about to get heated.
 
Also in the basket:
 
Retailers sink into the doldrums (WSJ, subscription required)

Retailers go green to cut costs
 
Performance Food to be bought for $1.3 billion

Tiffany sets additional $500 mln stock repurchase

(Photo: Reuters)