Kirkland's founder reports sale of shares, drops ownership to 16.1%

By Lisa Kerner

Charlotte, N.C., Oct. 13 - Kirkland's Inc. founder and chairman emeritus Carl T. Kirkland sold 231,100 shares of the company's common stock under an April 23 plan adopted in compliance with rule 10b5-1 of the Securities Exchange Act of 1934.

The shares were sold between Oct. 5 and Oct. 9 at prices from $14.03 to $14.75, according to a schedule 13D/A filed with the Securities and Exchange Commission on Tuesday.

Kirkland beneficially owns 3,176,762 shares, or 16.1%, of the Jackson, Tenn., specialty retailer's outstanding stock.

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