Feb. 17 (Bloomberg) -- Pershing Square Capital Management LP, the hedge fund managed by William Ackman, exited from an investment in bookstore chain Barnes & Noble Inc. according to a regulatory filing.

Pershing Square retained stakes in discount retailer Target Corp., soft-drink maker Dr Pepper Snapple Group Inc. and Borders Group Inc., another bookstore chain, according to the New York- based fund’s filing today with the Securities and Exchange Commission.

Pershing Square held 6.54 million shares of Barnes & Noble as of Sept. 30, according to a previous disclosure. Barnes & Noble fell 46 cents to $16.78 in New York Stock Exchange composite trading and declined 56 percent in 2008.

Ackman, 42, didn’t immediately return a telephone call seeking comment.

To contact the reporter on this story: Pierre Paulden in New York at ppaulden@bloomberg.net

Last Updated: February 17, 2009 17:30 EST