BUSINESS BRIEFING / RETAIL

William Ackman’s Pershing Square Capital Management sold its entire stake in Barnes & Noble Inc. after the world’s largest bookseller lost more than half its market value.

Pershing Square said in a U.S. securities filing it held no shares in New York-based Barnes & Noble as of Dec. 22. The hedge-fund company was the retailer’s third-biggest investor with an 11.8% stake as of Sept. 30.

Ron Burkle’s Yucaipa Cos. private-equity firm reported an 8.3% stake in Barnes & Noble Jan. 2 and said he might seek talks with the retailer.