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.
After Hennes & Mauritz AB and Inditex SA, Europe’s two largest clothing retailers, committed to an agreement to improve fire and building safety in Bangladesh, pressure is mounting on U.S. retailers to sign the pact.
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.
Ron Johnson’s tenure at J.C. Penney Co. will long be associated with a 25 percent sales plunge. Lost amid the criticism since his departure last month is the $170 million it cost to install Johnson and his top three executives.
Wal-Mart Stores Inc. and J.C. Penney Co. were among retailers sending representatives to a meeting near Frankfurt to discuss allying to improve worker safety in Bangladesh following the nation’s biggest industrial disaster.