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Eddie Lampert

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  • 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...

  • Feb 2- Casual clothing retailer Lands' End Inc said Chief Executive Edgar Huber would step down in two weeks and be succeeded by Federica Marchionni, the U.S. head of luxury goods retailer Dolce& Gabbana. Huber, who will leave on Feb. 17, has held the top job since August 2011 and led Lands' End spin off from struggling retailer Sears Holdings Corp last year.

  • The move comes as Sears, which has lost more than $6 billion over the past four years, prepares to announce results for the key holiday quarter late next month. Shares of Sears were down 4.1 percent at $32.80 in morning trade. Sears spokesman Howard Riefs said the company has eliminated 100 positions at its headquarters in Hoffman Estates, Illinois where it...

  • Sears has not named his replacement. Jooma joined Sears in 2007 after senior e-commerce positions at electronics retailer Circuit City and OfficeMax, according to his LinkedIn profile. The move comes as Sears is attempting to restore profitability by shrinking its network of stores and promoting the integration of its bricks-and-mortar and online...

  • Sears has not named a replacement. Jooma joined Sears in 2007 after senior e-commerce positions at electronics retailer Circuit City and OfficeMax, according to his LinkedIn profile. The move comes as Sears is attempting to restore profitability by shrinking its network of stores and promoting the integration of its bricks-and-mortar and online...

  • Last month, the troubled retailer and its chief executive disclosed plans to form a real estate investment trust that would acquire as many as 300 Sears stores and lease them back to the retailer. This, CreditSights estimated, could help Sears raise $2.6 billion, providing a critical cash injection. Sears plans to fund the REIT by offering shareholders the right...

  • RPT-BUSINESS-NEWS-SCHEDULE AT 1600 GMT /1100 ET Tuesday, 9 Dec 2014 | 11:45 AM ET

    LONDON- Oil prices plumbed fresh five-year lows on Tuesday, prompting investors worried about the global economy and renewed political uncertainty in Greece to dump shares. LONDON- Greek share and sovereign bond markets plunge after the government brings forward a presidential vote, in a political gamble that heightens uncertainty over the country's...

  • Shares of Sears were down 1.2 percent at $33.85 in early trading on the Nasdaq. Sears, which has been selling off assets and closing stores in an attempt to return to profitability, said last month it was expecting a net loss attributable to shareholders of between $590 million and $630 million for the fiscal third quarter ending Nov. 1. Sears recorded a net loss of...

  • Sears had said that it was expecting a loss of $590 million- $630 million attributable to shareholders for the third quarter ended Nov. 1. Over the past year, Sears has also separated its Land's End clothing business and shut some Kmart and Sears stores. Sears said last month it might sell up to 300 stores to a newly created real estate investment trust, which would...

  • 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.