In a sad commentary on the decline of legacy retail, Sears announced Tuesday that it will shutter its flagship brick-and-mortar location in Chicago.
Edward Lampert, the billionaire hedge-fund manager who controls Sears Holdings Corp., agreed to remain the retailer's chief executive officer with a $1 annual salary after taking over last month amid slumping sales.
Lampert's new contract is effective Feb. 1, according to a regulatory filing yesterday. During the first three years of his tenure, he'll participate in the company's incentive plan with a target payout of $2 million a year. Lampert, 50, will also get $4.5 million a year in Sears stock.
The future of Sears Holdings boils down not to its same-store sales, online strategy, or any of retail's countless other metrics, but this one question: Is Eddie Lampert a budding Warren Buffett or a Willy Loman?
That's long been a question on Wall Street, never more so than this week after Lampert, 50, the chairman of the company and founder and head of hedge fund ESL Investments, inserted himself as Sears's fifth chief executive officer in seven years. You cannot help but wonder if Lampert knows what he wants to do
Sears announced Monday that CEO Lou D’Ambrosio will step down early next month, for family health reasons." Chairman Edward Lampert will assume the CEO role as well.
Sears Holdings Corp Chairman Edward Lampert laid out a blueprint for boosting results, calling for everything from investing millions of dollars in the retailer's "Shop Your Way" rewards program to improving the layout and signs in its stores.
The plans, unveiled at Sears Holdings' annual meeting on Wednesday, come after years of criticism that the company has underinvested in its stores, resulting in lower sales every year since Lampert combined Sears with Kmart in 2005.
"We are not here to just survive. We are here to transform," Lampert, who is Sears'
The retailer's shares soared Thursday despite a fourth-quarter loss, as it announced moves to cut costs and inventory.
Sears Holdings Corp. said it plans to spin off its small-format hometown dealer stores and outlet stores and sell 11 stores to raise cash and shore up its money-losing retail business.
The retailer, controlled by hedge-fund investor Edward Lampert, said it expects the steps to raise up to $770 million. The offering to separate the more than 1,000 hometown and outlet stores should raise $400 million to $500 million, the company said. Hometown stores are small