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By TIFFANY MONTGOMERY
Urban Outfitters Inc. Chairman, President and Co-founder Richard Hayne sold more than 1.3 million shares of stock over the past few days.
The sales netted Hayne just over $50 million.
Hayne co-founded Urban Outfitters in 1970. The company opened its first store that year near the University of Pennsylvania campus in Philadelphia.
The company now operates 155 Urban Outfitters stores, 137 Anthropologie stores, 34 Free People stores and one Terrain store.