He is set to leave on Feb. 2, when the fourth quarter ends. D’Ambrosio will remain on the board until the next annual meeting of shareholders held in May.
Edward S. Lampert will assume the role of ceo. Lampert is already chairman of Sears’ board. The hedge fund executive is also chairman and ceo of ESL Investments Inc. Lampert is the majority stakeholder in Sears via his personal stake in Sears’ shares, as well as those owned by ESL.
Lampert took Kmart Corp. out of bankruptcy in 2003 by buying the discounter’s debt to gain a controlling stake. He then engineered the acquisition by Kmart of what was then known as Sears, Roebuck & Co. in 2004, renaming the combined firm Sears Holdings. Sears continues to operate stores under the Sears and Kmart nameplates.
Separately, the company said it expects a net loss attributable to shareholders for the quarter ending Feb. 2 of between $280 million and $360 million, or a loss of between $2.64 and $3.40 a diluted share.
On an adjusted basis, excluding the $450 million related to a noncash charge for pension items, net income is expected to be between $132 million and $212 million, or between $1.25 and $2 a diluted share.
Although the generally accepted accounting principles result for the quarter will mean three consecutive quarters of losses, that’s still an improvement from the year-ago quarter for fiscal year 2011 when Sears posted a $2.4 billion loss, or $22.63 a diluted share. In spite of the losses, Sears still managed to rack up $41.6 billion in annual volume in 2011.
In 2012, Sears partially spun off its interest in Sears Canada, as well as completed a rights offering for its Sears Hometown and Outlet stores.
Sears expects to report fourth-quarter earnings on Feb. 28.
@zacposen's go-to holiday gift? Cookies! "I'll usually bake cookies and send them as a gift," said the designer, who recently released his cookbook "Cooking With Zac: Recipes from Rustic to Refined." Get the recipe for his Brown Butter-Chocolate Chip Cookies via link in bio 🍪🍪🍪 #wwdeye #cookingwithzac
For @monsemaison’s pre-fall 2018 collection, Fernando Garcia and Laura Kim honed in on the brand’s many signatures — men’s wear, which was tweaked and feminized through deconstruction, proportion play and lots of bare shoulders. See the rest of the photos on WWD.com #wwdfashion (📷: George Chinese)
On Friday night, @yohjiyamamotoofficial received the Design for Asia Lifetime Achievement Award in Hong Kong. The 75-year-old designer has been celebrated for many years and is best known for his dark and avant-garde tailoring. “In my long career, in design, architecture, [I’ve been to] so many parties, this is the very first time that I have such a warm feeling, I really appreciate this,” Yamamoto said. #wwdfashion (📷: @dominiquemaitre)
Discovery is collaborating with British pop artist @philipcolbert on a new line of clothing and accessories called Discovery Shark. The collection, which will launch next summer for Shark Week’s 30th anniversary, features a whimsical line of women’s and men’s bomber jackets, sweatshirts, bags and more. #wwdfashion
“I’m always a big champion of a female rapper, and I’m glad to see a new voice that feels unique and authentic that’s coming up, and I think we’re going to see more great things from her,” said @itsjeremyscott about @iamcardib, who performed at @moschino’s Art Basel Miami Beach party last night. #wwdeye (📷: @lexieblacklock)
@janellemonae’s “What’s Your Frequency?” room in @refinery29's #29Rooms made its debut this week at the opening of the Los Angeles art exhibit. “It’s about the ongoing conversation around mass surveillance, the weaponization of technology and cultural uniformity. My space was created so that we can come together and talk about the complexities of our humanity,” said Monáe. #wwdeye (📷: @bucknerphoto)
@pantone announced their Color of the Year 2018: Ultra Violet. Nearly 20 months after the musician Prince’s death, fashion is having a purple moment. Varying shades of purple appeared on spring or fall runways, from @christopherkane to @calvinklein. @gucci’s Alessandro Michele bathed his fall runway in ultra violet-colored light at one point. Pantone 18-3838 is meant to “push the boundaries of what inspires us to look upward and outward to the future.” #wwdnews #wwdfashion (📷: @kukukuba)