Shares of Dillard’s Inc. jumped more than 30% on Monday after one of Warren Buffett’s investing lieutenants disclosed a personal stake in the embattled retailer.

Ted Weschler, who is an investment manager at Berkshire Hathaway, bought roughly 1.08 million shares of Dillard’s, or about 5.89% of shares outstanding, CNBC reported.

Shares of Dillard’s (DDS) were at $53.18, up $11.10, or more than 26%, near midday Monday.

According to filings with the Securities and Exchange Commission, Weschler topped the 5% threshold on Sept. 29. The filing noted that the shares will be held in a trust on behalf of Weschler’s family members.

Shares of Dillard’s are down more than 40% this year amid lackluster sales, CNBC said. 

The department-store chain had seen sales tumble and losses widen even before the coronavirus pandemic, Barron's explained. Dillard’s stock was removed from the S&P 400 in June 2020 as the company “is no longer representative of the midcap market space,” S&P Dow Jones Indices said in a press release at the time.

Weschler, along with Buffett’s other protégé Todd Combs, have been responsible in recent years for steering Berkshire into some winning bets in the technology sector, CNBC said.