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Business Eddie Lampert

  • Sears will pay $407 million to the Pension Benefit Guaranty Corp, a U.S. government agency that oversees private sector pensions, as part of the agreement. The retailer, which has reported years of declining sales, said it expects a net loss of between $525 million and $595 million for the third quarter from store closures, compared with a $748 million loss in the...

  • A Sears store in Peoria, Ill.

    Sears struck an agreement with insurers of its underfunded pension fund — Pension Benefit Guaranty Corp. — to allow for the sale of 140 Sears properties.

  • Craftsman tools

    Sears had controlled the iconic tool name for 90 years. Now, Craftsman is looking to grow with its new owner through other retailers.

  • Oct 16- Sears Holdings Corp on Monday said that Bruce Berkowitz, head of the company's second-biggest investor, resigned from the board of directors less than two years after he sought a seat to help turn the struggling department store chain around, sending Sears stock down as much as 15 percent. The decision by Berkowitz, the head of investor fund Fairholme...

  • Oct 16- Sears Holding Corp on Monday said that Bruce Berkowitz, head of the company's second-biggest investor, resigned from the board of directors less than two years after he sought a seat to help turn the struggling department store chain around, sending Sears stock down as much as 15 percent. The decision by Berkowitz, the head of investor fund Fairholme...

  • In this Nov. 17, 2004 file photo, Kmart chairman Edward Lampert listens during a news conference to announce the merger of Kmart and Sears in New York.

    Sears has borrowed $100 million from affiliates of Eddie Lampert's hedge fund, ESL Investments, according to an 8-K filing with the SEC.

  • "It's too expensive," Michael Fellner, owner of Montreal- based women's wear company Lori Michaels Apparel& Manufacturing Inc, said of the specialized vendor insurance. Sears' vendors had previously benefited from support from Sears Chief Executive Eddie Lampert, who owns almost half of the company's shares and is its largest lender. Through his hedge fund, ESL...

  • Total revenue fell 22 percent to $4.37 billion, mainly due to store closures, which shaved off $770 million of revenue, the company said. Sears, controlled by billionaire investor Eddie Lampert, said it earned $460 million in cash from real estate deals in the second quarter. Net loss attributable to Sears narrowed to $251 million, or $2.34 per share in the second...

  • Washer and dryer appliances in a Sears store.

    "Is it really that hard to push a button?" CNBC's Jim Cramer asks.

  • A customer browses washing machines at a Sears store.

    Sears announced plans to sell Kenmore-branded appliances on Amazon.com, which will feature special capabilities with Alexa.

  • A sign marks the entrance to the headquarters campus of Sears Holding in Hoffman Estates, Illinois.

    Dwindling foot traffic across American malls has been dragging down many department stores, including Sears.

  • Ayn Rand, a fiction author, in New York, August, 1957.

    While many in business preach the words of writer Ayn Rand, devotees like Kalanick find themselves falling from glory, The New York Times reports.

  • July 10- Billionaire Eddie Lampert's ESL Partners LP and Fairholme Capital Management LLC said they are considering a potential deal with Sears Canada as the retailer looks to restructure itself under bankruptcy protection. Lampert is the chief executive of U.S.-based Sears Holdings Co, from which Sears Canada was spun off in 2012.. ESL Partners and...

  • CHICAGO, July 7- Sears Holdings Corp is closing eight of its namesake department stores and 35 Kmart locations to cut costs and square footage in an effort to return to profitability, Chief Executive Officer Eddie Lampert said on Friday. The store closings are in addition to 150 the company announced in January. The company said in February it would cut costs this...

  • A sign marks the entrance to the headquarters campus of Sears Holding in Hoffman Estates, Illinois.

    Sears announced plans Friday to shutter more unprofitable Sears and Kmart locations this year.

  • CHICAGO, July 7- Sears Holdings Corp is closing eight of its namesake department stores and 35 Kmart locations to cut costs and square footage in an effort to return to profitability, Chief Executive Officer Eddie Lampert said on Friday. The store closings are in addition to 150 the company announced in January. The company said in February it would cut costs this...

  • CHICAGO, July 7- Sears Holdings Corp is closing eight of its namesake department stores and 35 Kmart locations as part of its effort to cut costs and square footage to return to profitability, Chief Executive Officer Eddie Lampert said on Friday. The company said in February it would cut costs this year by at least $1 billion. Shares of Sears were down 3 percent at...

  • TORONTO, June 22- Sears Canada Inc said on Thursday it plans to cut jobs and close about a quarter of its stores as it restructures its operations after a steady decline in sales due to competition from big-box retailers and online merchants. "It's just been baby steps toward the ultimate end," said Sally Seston, managing director at Retail Category Consultants...

  • TORONTO, June 22- Sears Canada Inc said on Thursday it plans to cut jobs and close about a quarter of its stores as it restructures its operations after a steady decline in its sales due to competition from big-box retailers and online merchants. "It's just been baby steps toward the ultimate end," said Sally Seston, managing director at Retail Category Consultants...

  • TORONTO, June 22- Sears Canada Inc said on Thursday it plans to cut jobs and close stores as it restructures its operations, following years of declining sales as it has lost customers to big-box retailers, more nimble apparel companies and online merchants. Existing lenders have agreed to provide up to C $450 million in interim financing to help the company,...