Franklin Resources, Inc. Dumps Zale Corporation (ZLC) Shares

Franklin Resources, Inc. has considerably lowered its stake in troubled jewelry chain Zale Corporation (NYSE: ZLC).

Franklin Resources, one of Zale´s largest shareholders, owned 4.7% of Zale´s shares as of February 28, according to a filing with the SEC, down from the 16.4% it owned at the end of December 2009.

Zale Corporation has struggled in the last two years due to a decline in sales, market share, and cash reserves. The company hired Peter J. Solomon, a turnaround expert, last month to help it find investors.