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Eddie Lampert

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  • 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...

  • NEW YORK, Nov 12- Sears Holding Corp made a huge splash last week when it said it might spin off hundreds of its stores as a real estate investment trust. The S&P 1500 Retail REIT industry group, which includes the likes of mall and shopping plaza owners Simon Property Group Inc., Macerich Co. and National Retail Properties Inc., delivered a total return of nearly 500...

  • Sears said it was considering a sale of 200 to 300 of its stores to a newly created real estate investment trust, which would then lease the properties back to Sears. Shareholders would be offered rights to buy shares in the REIT in proportion to their ownership of Sears stock. Lampert owns 48.5 percent of Sears and is expected to invest that proportion in the REIT.

  • Sears has been trying to raise cash to get it through the build-up to the year-end shopping season and it has repeatedly turned to Chief Executive Eddie Lampert and his hedge fund, which together own 48.5 percent of Sears. Sears said on Friday it sold a full-line store in Cupertino, California for $102.5 million in October. Sears full-line stores are mall-based...

  • Sears said in August it had closed 96 stores in the six months since February and planned to close a total of 130 underperforming stores during the full fiscal year. Sears spokesman Chris Brathwaite declined to comment on the number of planned closures, saying the company would provide an update when it reports quarterly earnings next month.

  • Sears said Chief Executive Officer Eddie Lampert and his hedge fund, ESL Investments Inc, would purchase roughly half of the offering, in which the right to buy unsecured senior notes and warrants will be issued to existing shareholders. The move comes after some insurers who offer protection to suppliers against the risk of nonpayment had cancelled or scaled...

  • Sears shares rose about 7.5 percent in early trading. Most of this will come from Lampert and his hedge fund, ESL Investments Inc, which together own 48.5 percent of Sears. Sears' deepening financial troubles have forced insurers and banks to raise the cost of guaranteeing payment to vendors, rattling the retailer's supply chain ahead of the key holiday season.

  • Sears has announced plans to raise a total of just over $2 billion this year and this is the third time in two months that Chief Executive Eddie Lampert, whose interests will take up their rights, has agreed to pump funds into the retailer. Lampert and his hedge fund, ESL Investments Inc, and affiliated funds together own 48.5 percent of Sears. Sears said this month...

  • Sears to raise up to $625 mln through notes offering Monday, 20 Oct 2014 | 6:42 AM ET

    Oct 20- Struggling retailer Sears Holdings Corp said it would raise up to $625 million through a rights offering of senior notes due 2019 and warrants to buy shares. Sears Chief Executive Eddie Lampert and his hedge fund, ESL Investments Inc and certain affiliated funds, plan to exercise their rights, the company said in a statement. Sears said this month that it...

  • NEW YORK, Oct 8- Sears Holding shares slumped on Wednesday following a report that three of the biggest insurance firms for its suppliers were seeking to reduce coverage. The report by Bloomberg News also said the move prompted at least one vendor to halt shipments to Sears. Sears stock was down 12 percent to $26.67 after falling as much as 17.3 percent, which would...