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.
@margotrobbie steps out onto the red carpet wearing @miumiu. The actress is nominated for “Outstanding Performance by a Female Actor in a Leading Role” in “I, Tonya” at the #SagAwards. (📷: Stewart Cook) #wwdfashion
For @massimogiorgetti of @msgm, the Nineties are his favorite decade. “They had a huge impact on my personal growth. What I like of the Nineties is that they are not so precise in terms of style as other decades…there was actually a bit of everything,” he said. As seen on MSGM’s Spring 2018 show: tie-dye and a bit of grunge, two styles that are synonymous with the decade #wwdfashion #wwddecades (📷: @kukukuba)
Breaking News: @hedislimane joins @celine as its new artistic, creative and image director. One of fashion’s preeminent image-makers and trendsetters, Slimane is to join the LVMH brand on Feb. 1 and unveil his first fashion proposition for men and women next September during Paris Fashion Week. It marks a major homecoming for Slimane, who cemented his reputation – and influenced men’s tailoring for more than a decade – as the designer of Dior Homme between 2000 and 2007. He went on to reinvent and ignite the house of Yves Saint Laurent, which he rechristened Saint Laurent, between 2012 and 2016 – all the while maintaining a close relationship with the Arnault family, which controls LVMH and Dior. Read the full exclusive story on WWD.com. Link in bio. #wwdnews #wwdfashion
“Personally I believe the Eighties have been the richest and more vivacious period for international fashion,” Giorgio Armani said when asked what his favorite decade of fashion is. It was a moment of disruption and experimentation and only thinking back to the first years of that decade is always an emotion for me, for what they have meant to me and my work.” The influence is clear in @giorgioarmani spring 2018 collection, pictured here, which was full of bright colors and unexpected prints. Read more about which decades designers loved most on WWD.com #wwdfashion #wwddecades (📷: @aitorrosasphoto)
For Lady Gaga’s only Italian show on her “Joanne World Tour,” the singer wore a range of @versace_official outfits. The standout piece: this custom-made bodysuit inspired by the brand’s spring 2018 collection. #wwdfashion (RG: @ladygaga)
@_camillaruth_ is expanding on the wellness-craze concept with @westbourne – a new NYC restaurant that’s both a healthy-minded café as well as a business that gives back to the community. Marcus works with the Robin Hood foundation to give back to The Door, a non-profit providing youth development services, and also hires employees through The Door. Read our full interview with Marcus on giving back through food on WWD.com. #wwdeye (📷: @lexieblacklock)