Sears Holdings Corp. has relied on controlling shareholder Edward Lampert for years to help fund its operations. Now the billionaire is cutting out a form of lending he’s provided since 2010 to the owner of its namesake retail chain and Kmart.
Sears Holdings Corp., the retailer run by hedge fund manager Edward Lampert, is investigating a possible security breach after a series of cyberattacks on other retailers have exposed the data of millions of consumers.
U.S. stocks rose, sending the Standard & Poor’s 500 Index to a record, as Federal Reserve Chair Janet Yellen said the central bank may change its strategy for reducing asset purchases should the economy weaken.
Edward Lampert, the investor who for the past eight years has tried to turn around Sears Holdings Corp., cut his stake in the retailer below 50 percent to meet redemption requests from his hedge-fund clients.
Edward Lampert, the hedge fund manager who controls Sears Holdings Corp., has more than $160 million in paper profits on shares of the retailer acquired last month from a long-standing client, the Ziff family.