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Business Eddie Lampert

  • July 14- Sears Holdings Corp has hired a former Levi Strauss& Co executive to head its Sears business as it looks to return to profit through its customer loyalty program. Joelle Maher, who was named president and chief member officer of the Sears business, will be responsible for aligning the operations of the unit with Sears Holdings' " Shop Your Way" business...

  • July 14- Sears Holdings Corp has hired a former Levi Strauss& Co executive to head its Sears business as it looks to revive sales through its customer loyalty program. Joelle Maher, who will be named president and chief member officer of the Sears business, will be responsible for aligning the operations of the Sears department store chain with Sears Holdings' "...

  • June 8- Sears Holdings Corp's planned real estate investment trust, Seritage Growth Properties, filed for a $1.57 billion subscription rights offering that allows Sears shareholders to buy up to 53.3 million common shares of the REIT. Seritage, which has been set up by Sears to shore up finances, said it would offer existing shareholders subscription rights to...

  • June 8- Sears Holdings Corp reported a smaller first-quarter loss as its Kmart chain and Sears department stores discounted less and said it plans to raise $2.6 billion from the spinoff of 235 stores into a real estate investment trust. This, along with the three joint venture deals Sears signed in April with mall operators to sell and lease back other stores,...

  • May 20- Struggling department store chain Sears Canada Inc reported a smaller first-quarter loss as decline in its same-store sales was the slowest in five quarters. Sears Canada, whose largest shareholder is Sears Holdings Corp Chief Executive Eddie Lampert and his hedge fund ESL Investments Inc, said on Wednesday that its same-store sales fell 4.3 percent...

  • Members of Shop Your Way, which offers points and tailored deals, accounted for 74 percent of overall sales in 2014. That relatively high percentage for a mass retailer offers Sears valuable insights into its customer base, said Dennis Armbruster, managing partner at LoyaltyOne Consulting, which specializes in affinity programs. Sears has invested hundreds...

  • Prior to that, he was a senior executive at Vornado Realty Trust, Sears said. Sears aims to raise $2.5 billion through the REIT, which will be sold to existing shareholders via a rights offering. The transaction, which Sears said will be completed by June 1, is the latest step by Chief Executive Eddie Lampert to shore up the retailer's finances after it lost about $7...

  • Lampert controls nearly half of Sears and No. 2 shareholder Fairholme Capital Management holds about 24 percent of the company. Sears shares rose 9.4 percent to $45.21 in early trading on Wednesday. The REIT, Seritage Growth Properties, will buy and lease back about 254 Sears and Kmart stores, Sears said on Wednesday.

  • Sears shares rose 7 percent at $44.22 in premarket trading on Wednesday. Billionaire Chief Executive Eddie Lampert, who controls nearly half of Sears, has launched a series of unusual transactions, cut costs and sold assets to turn around the company, which has posted losses for the last 11 quarters. Sears owned or leased 1,725 Sears and Kmart stores as of Jan. 31.

  • The owner of the Sears and Kmart chains also said it expected to raise at least $2 billion by June from a previously announced plan to spin off some stores to a property trust. But investors were worried about Sears' cash balance, which had more than halved to $250 million from a year earlier, according to Brian Sozzi, head of Belus Capital Advisors.

  • The company, which owns the Sears and Kmart chains, said net loss attributable to shareholders was $159 million, or $1.50 a share, in the quarter ended Jan. 31, against a loss of $358 million, or $3.37 a share, a year earlier. Once the largest U.S. retailer by revenue, Sears has seen sales drop due to stiff competition from Target Corp, Wal-Mart Stores Inc and Home Depot Inc..

  • Sears posts 11th straight quarterly loss Thursday, 26 Feb 2015 | 6:13 AM ET

    Feb 26- Sears Holdings Corp, owner of Sears department stores and the Kmart discount chain, reported its 11th straight quarterly loss as sales continued to tumble. The net loss attributable to Sears narrowed to $159 million, or $1.50 per share, in the quarter ended Jan. 31, from $358 million, or $3.37 per share, a year earlier. Sears, controlled by hedge fund manager...

  • The top 5 CEO blunders of 2014: Exec Tuesday, 23 Dec 2014 | 5:11 PM ET
    Donald Sterling

    Charlie Harary, co-founder of H3 & Co., outlined the worst CEO mistakes that "butted up against" societal trends in 2014.

  • Sears posts $548M loss, doubles store closure plan Thursday, 4 Dec 2014 | 12:36 PM ET
    Banners hang from Sears' flagship store in the Loop on Jan. 22, 2014, in Chicago.

    Sears reported a quarterly net loss of $548 million, and the retailer said it had nearly doubled its planned store closures to cut costs.

  • Sears: Why the troubled chain's vendors are worried Sunday, 5 Oct 2014 | 12:22 PM ET
    Shoppers at a Sears store

    Sears' deepening financial troubles have forced insurers and banks to raise the cost of guaranteeing payment to vendors, rattling its vendors even more.

  • Retail's nasty game of musical chairs not over Tuesday, 6 May 2014 | 11:55 AM ET
    Gregg Steinhafel, Target's former CEO.

    Target CEO Gregg Steinhafel's name has been added to the list of retail execs caught in a nasty game of musical chairs.

  • Sears to spin off Lands' End business Friday, 6 Dec 2013 | 7:14 AM ET

    Sears Holdings said Friday that it will spin off its Lands' End clothing business as a separate company by distributing stock to the retailer's shareholders.

  • Sears Shares Skid After Bigger Loss Than Expected Thursday, 23 May 2013 | 5:38 PM ET

    The department-store chain saw its loss more than quadruple — a big miss compared to what analysts had expected. Revenue, however, beat. Shares fell sharply after-hours.

  • Top 10 Hedge Fund Titans Haul in Big Paychecks Monday, 15 Apr 2013 | 8:44 AM ET
    David Tepper, founder of Appaloosa Management

    Several hedge fund leaders who had giant paydays last year earned their riches the old-fashioned way: by posting big returns on their investments. The New York Times reports.

  • Box Stores Must Find Way to Adapt: Analyst Wednesday, 4 Apr 2012 | 5:42 PM ET

    Best Buy's decision to close 50 of its U.S. stores and focus on its Geek Squad service company through 100 small mobile locations in fiscal 2013 is the latest example of how the "big box" is struggling against digital competition.