BUSINESS
December 30, 2011 | By Shan Li, Los Angeles Times
Three Sears stores in California are among 79 stores nationwide slated to be closed after a dismal holiday season prompted Sears Holdings Corp. to retool its strategy. The Illinois retailer on Thursday posted a list of 41 Sears and 38 Kmart outlets targeted for closure, the first wave of the 100 to 120 stores the company plans to shut down. Two Sears stores in San Diego and one in El Monte will close at a date to be determined. No Kmart stores in the state are on the list.
BUSINESS
June 5, 2012 | By Corilyn Shropshire
CHICAGO - It took a trio of famous sisters - Kim, Khloe and Kourtney Kardashian - and their namesake jeans to draw Sajde Kerimi back into Sears. The 29-year-old mother of two usually heads to Nordstrom Rack and H&M to shop, but on a recent weekend Kerimi was in Sears at Woodfield Mall, mulling several pairs of $68 Kardashian jeans. "Normally I wouldn't shop at Sears at all," said Kerimi, who was passing through on her way into the mall. A $38.99 black jumpsuit looked particularly promising.
BUSINESS
January 7, 2013 | By Shan Li
Troubled Sears Holdings Corp. said Chief Executive Louis D'Ambrosio is stepping down and will be succeeded by Chairman Edward Lampert. D'Ambrosio is resigning because of "family health matters," effective Feb. 2, the end of the retailer's fiscal year, Sears said Monday. Lampert -- who also is majority shareholder of the company, which controls the Sears and Kmart chains -- will temporarily continue as chairman when he steps into the CEO position. "In light of Lou's decision to step down, the board feels it is important that there is continuity of leadership during this important period of transformation and improvement at Sears," Lampert said in a statement.
BUSINESS
November 20, 2007 | From Times Wire Services
Sears Holdings Corp., the department store company run by investor Edward Lampert, said it bought a 13.7% stake in Restoration Hardware Inc. Sears disclosed the stake in a regulatory filing and said it held talks with company executives regarding a possible business combination. Restoration Hardware, a Corte Madera, Calif.-based home furnishings chain, agreed to be acquired last week by buyout firm Catterton Partners for $267 million.
BUSINESS
October 14, 2006 | From Reuters
Sears Holdings Corp. is opening Lands' End clothing shops inside about 100 of its 870 department stores, the direct merchant's president said. Sears, owner of its namesake stores and Kmart discount chain, bought Lands' End in 2002 with the hope that the sailing-inspired clothing and housewares brand would draw more customers to its stores. But clothing sales at Sears have remained weak, prompting speculation that Sears Chairman Edward Lampert would sell Lands' End.
BUSINESS
July 1, 2004
* The cost of funds index for savings institutions in the Federal Home Loan Bank's 11th District edged lower in May to 1.708% from 1.802% in April. The index is a popular benchmark for adjustable-rate mortgages on the West Coast and tends to lag behind changes in market interest rates by several months. * Northrop Grumman Corp. won an order from the U.S. Coast Guard to build the first Maritime Security Cutter.