Berkshire star eyes Dillard’s

Dillard’s stock jumped to its highest price since February after a top investment manager at Berkshire Hathaway disclosed he’d bought a nearly 6% stake in the money-losing Arkansasbased retailer.

Ted Weschler, one of two top lieutenants of Berkshire CEO Warren Buffett, disclosed the stake in an SEC filing on Friday. At Monday’s price the stake is worth about $71 million.

Dillard’s is a more than 80-year-old chain with almost 300 stores in 20 states.

The company lost $170.5 million in the first half of this year as the pandemic forced it to close stores. It declined to forecast earnings for 2020 due to continued uncertainty about the pandemic. It’s expected to report third quarter results next month.