Sears Holdings Corp will be halting the operations of its flagship store in Chicago in April in a bid to bring down the number of its outlets and rely more on online retail, Reuters reported.
Edward Lampert
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Sears Holdings Corp, which had been selling and closing stores to turn around its business, will be spinning off its Lands' End clothing business. The spinoff will be through a pro rata distribution of the apparel retailer's shares to Sears shareholders.
More investors discouraged by the declining fortunes of ESL Investment's stake in Sears Holdings Corp. are heading for the exit. American billionaire Edward Lampert owns ESL Investments and leads Sears Holdings.
Lampert used US$393 million of shares in AutoNation Inc. to cater to client redemption demands after investors saw struggle at Sears Holdings Corp.
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