Mike Ashley's Frasers Group, the largest shareholder in a Lancashire-based online shopping firm, has lowered its stake as the company continues to look for a buyer.
Accrington-headquartered Studio Retail Group can trace its roots back to 1817 and was formerly called Findel.
In newly filed documents with the London Stock Exchange, the company confirmed that Frasers Group has decreased its stake from nearly 36% to 27.1%.
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The move comes after the business was put up for sale at the end of 2020.
At the time, Studio Retail Group said the move was part of a strategic review - after Frasers said the group was "misunderstood by the market and as a consequence, significantly undervalued".
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Frasers has previously attempted a £139m takeover of the firm in 2019.
Studio Retail said in December that the move also had the support of its second largest shareholder, Schroders.
Studio Retail sells fashion, homeware and gifts on its Studio.co.uk website, but it is also the second largest supplier of equipment and supplies to schools.