Dec. 6 - Sears CEO Eddie Lampert, once compared to Warren Buffett, has been unable to turn around the money-losing iconic retailer despite a series of spinoffs. Fred Katayama reports.
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The latest sign of billionaire hedge fund manager Eddie Lampert's fall from grace: Sears' move to spin off its Lands' End clothing business. Once compared by some to investor Warren Buffett for his magic touch, the former Goldman Sachs banker has been unable to turn around the money-losing retailer after engineering the merger of the American icon with rival Kmart eight years ago.
Sears Auto Center could be next on his growing list of spinoffs and sales.
Just two months ago, Sears sold some real estate assets in Canada. Over the last two years, it has spun off its Hometown and Outlet businesses and Orchard Supply Hardware Stores.
Lampert took over as Sears' CEO earlier this year. He recently had to cut his own firm's stake in Sears to pay off big investors who pulled money out of his fund.
But some investors went shopping on the latest news, driving Sears shares sharply higher in early trade.
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