Sears In Retreat - To Unload 1,200 Stores
FEBRUARY 24, 2012
In Retreat, Sears Set to Unload Stores
BY MIGUEL BUSTILLO AND DANA MATTIOLI
After seven years of trying to rebuild the iconic retailer Sears, hedge-fund manager Edward S. Lampert reversed course on Thursday, announcing that Sears Holdings Corp. will unload more than 1,200 stores in an effort to raise up to $770 million of much-needed cash.
Many on Wall Street interpreted the move as the beginning of the breakup of the company. Sears on Thursday reported a loss of more than $3 billion for 2011, and same-store sales have fallen for six straight years. The company's shares, which fell below $30 last month, rose almost 19% on Thursday to $61.80 on news of ...
In Retreat, Sears Set to Unload Stores - WSJ.com