Sears Holdings Corp., the retailer controlled by billionaire hedge-fund manager Edward Lampert, posted a quarterly loss of $279 million, hurt by costs related to store closings and severance expenses. The shares tumbled.
Hennes & Mauritz AB, Europe’s second- biggest clothing retailer, said some H&M garments were produced without its knowledge or approval at a factory in Cambodia where workers were injured in a partial building collapse this week.
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.
Wal-Mart Stores Inc. said it won’t accept an agreement “at this time” to improve fire and building safety in Bangladesh that’s supported by labor monitoring groups and was signed by several retailers this week.
Bruce Berkowitz, whose bets on financial stocks helped him beat 99 percent of rivals last year after what he called a “horrible” 2011, made about $140 million as shares of mortgage insurer MBIA Inc. surged following a legal settlement with Bank of America Corp.