Lampert Spends $13 Million on More Sears Holdings Shares

Edward Lampert

Chicago—In a move that apparently reassured investors over his Sears Holdings Corp., Edward Lampert, the company’s chairman and soon-to-be chief executive, revealed Monday that he purchased more than 332,000 additional shares of the retailer.

According to Securities & Exchange Commission filings, Lampert spent more than $13 million of his own money to buy 332,048 shares on Jan. 9 and Jan. 10.

Last week, Lampert announced that he would be assuming the CEO role at the company after Louis D’Ambrosio leaves the job for family health matters in February.

Lampert and his hedge fund ESL Investments already owned about 62% of Sears stock before the latest purchase, retail analysts said.

News of his purchase send Sears Holdings stock up more than 7% on Monday.

Lampert has been trying to revamp his Sears and Kmart stores, selling off some assets and boosting loyalty programs to help draw in customers.

There has been some improvement: for the nine weeks ending Dec. 29, the company reported comparable store sales at its Sears stores was up 0.5%. The same measure declined 3.8% at Kmart stores.

During its third quarter report released in November, Sears Holdings posted a widened loss as comparable store sales continued to weaken.

 

 

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