Folco Cuts Holdings in CKE Restaurants

Folco Development Corp. of Nevada and affiliated investors cut their joint stake in CKE Restaurants Inc. to 21.3% of the company’s outstanding common shares.

The Folco group sold 111,500 shares at $15.94 to $17.75 a share between Feb. 16 and March 26, according to a document filed Thursday with the Securities and Exchange Commission.

The investment group, which includes Cannae Ltd. Partnership, now holds 3.93 million shares in the restaurant holding company, which operates Carl’s Jr. restaurants.