Sears Holdings Corp. won a round in a legal clash over moldy washing machines, as the U.S. Supreme Court ordered reconsideration of a decision letting consumers in six states press a class-action suit against the retailer.
Edward Lampert, the hedge-fund manager who took over as chief executive officer of Sears Holdings Corp. this year, saw the value of his controlling stake fall $467 million today after a first-quarter loss at the retailer prompted the biggest stock decline in six months.
Sears Holdings Corp. fell the most in six months after posting a $279 million first-quarter loss that Chairman and Chief Executive Officer Edward Lampert said he needs to reverse to transform the department-store chain.
U.S. stocks recovered from early losses for a second day as investors weighed prospects of economic growth with concern the Federal Reserve will reduce stimulus efforts. Japanese shares rebounded from their largest drop since 2011, while commodities fell for a fourth day.
Edward Lampert, the billionaire chairman and chief executive officer of Sears Holdings Corp., reported that he and his hedge fund cut a stake in Genworth Financial Inc. by almost a third and sold its holdings in Big Lots Inc. and grocer Safeway Inc.
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.
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.