Sears Holdings Corp. named IBM veteran Lou D’Ambrosio CEO and president, effective Thursday.
D’Ambrosio succeeds W. Bruce Johnson, who has served as interim CEO and president since January 2008. Get the full story »
Inside these posts: Edward Lampert
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Lampert, hedge fund take 5.8% Gap stake
Wall Street Journal | ESL Partners, the hedge fund run by Sears Holdings Chairman Edward Lampert, has taken a 5.8 percent stake in Gap Inc., according to a Securities and Exchange Commission filing.
Sears expects earnings to top Street
Sears Holdings Corp. expects its fourth-quarter and full-year adjusted earnings to top Wall Street’s expectations.
The results would be welcomed at the struggling retailer, which saw its third-quarter loss nearly double in part because of weak appliance and clothing sales at its namesake stores. Its shares rose $3.40, or 4.8 percent, to $74 in pre-market trading. Get the full story »
Sears 3Q loss widens on weaker sales
Sears Holdings Corp. reported a larger quarterly loss, citing tepid sales of apparel and appliances at its namesake department stores.
The company, which also operates Kmart discount stores, said its net loss widened to $218 million, or $1.98 a share, in the third quarter ended on Oct. 30 from $127 million, or $1.09 a share, a year earlier. Sales at the company, led by hedge fund manager Edward Lampert, fell about 5 percent to $9.68 billion. Get the full story »
Sears hires top marketing exec David Friedman
Sears Holdings Corp. hired Razorfish executive David Friedman to take the retailer’s top marketing post, replacing Richard Gerstein, who resigned in May.
Friedman, 46, begins his job as senior vice president and president of Sears’ marketing business unit on Sept. 13.
He was most recently president of the Americas at Razorfish in Chicago, a digital marketing company, where he was head of the firm’s retail and consumer goods practice. Before that, Friedman spent 10 years with Accenture, formerly Andersen Consulting, as an associate partner working with retail and consumer products companies. Get the full story »
Lampert gets $756M of stocks from ESL fund
From Bloomberg | Sears chairman Edward Lampert withdrew about $756 million of assets from a hedge fund based in Greenwich, Conn., that he founded more than 20 years ago. He will receive a second payout by the end of July, according to regulatory filings.
Get the full story: businessweek.com.
