Edward Lampert

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.

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.

Shares of Sears Holdings Corp. soared amid speculation that the company controlled by hedge fund billionaire Edward Lampert could go private. The shares closed up 9.5% at $36.75 on Tuesday after rising as much as 16%. The Hoffman Estates, Ill., company's stock dropped 56% in 2011. Sears' stock dropped last week after CIT Group Inc., a key lender in the retail industry, revealed it would no longer provide loans to suppliers shipping goods to Sears and Kmart, news that sparked questions about Sears' future.

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.

Sears and Kmart — can you imagine America without them? With years of weak sales and no turnaround in sight, retail analysts believe that day may be coming. Sears Holding Co., which controls both chains, laid out plans Tuesday to close as many as 120 outlets after reporting yet another holiday sales slump. Industry observers say the company, which has posted four years of sales declines at its nearly 2,200 full-line U.S. stores, may be joining some other fallen giants in the retailing graveyard.

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.

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.

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.

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.

* 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.

Shares of Sears Holdings Corp. soared amid speculation that the company controlled by hedge fund billionaire Edward Lampert could go private. The shares closed up 9.5% at $36.75 on Tuesday after rising as much as 16%. The Hoffman Estates, Ill., company's stock dropped 56% in 2011. Sears' stock dropped last week after CIT Group Inc., a key lender in the retail industry, revealed it would no longer provide loans to suppliers shipping goods to Sears and Kmart, news that sparked questions about Sears' future.

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.

Sears and Kmart — can you imagine America without them? With years of weak sales and no turnaround in sight, retail analysts believe that day may be coming. Sears Holding Co., which controls both chains, laid out plans Tuesday to close as many as 120 outlets after reporting yet another holiday sales slump. Industry observers say the company, which has posted four years of sales declines at its nearly 2,200 full-line U.S. stores, may be joining some other fallen giants in the retailing graveyard.

RETAIL Edward Lampert, the billionaire chairman of Sears Holdings Corp., isn't going to be chief marketer and merchandiser of the nation's No. 3 retailer after all. Sears Holdings Corp. named new executives in charge of marketing and customer strategy for its Sears Roebuck and Kmart stores and Lands' End clothing business and said its chief merchant, Luis Padilla, is leaving the company for reasons that weren't disclosed.

Sears Holdings Corp., the retailer being reorganized by hedge fund investor Edward Lampert, said Bank of America Corp. refused to renew a $1-billion letter of credit under existing terms, sending the shares down 3.2% in after-hours trading Friday. Losing the credit probably won't affect Sears' access to cash, the Hoffman Estates, Ill., company said in a regulatory filing. The retailer had $1.62 billion in cash as of Feb. 2, a 58% decline from a year earlier.