Sears Holdings Corp. investors were buoyed by a sign of confidence from Edward S. Lampert, the company’s chairman and incoming chief executive officer.
This story first appeared in the January 15, 2013 issue of WWD. Subscribe Today.
The hedge fund operator personally bought a combined 332,048 Sears shares on Wednesday and Thursday for $13.6 million, according to a filing with the Securities and Exchange Commission.
Investors were glad to see Lampert continues to like the investment. Shares of Sears jumped 8.9 percent to $44.60.
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Altogether, Lampert is deemed to beneficially own 60.1 million shares of the retailer, or 56.5 percent of those outstanding.
Lampert is taking over the top job at the retailer from Lou D’Ambrosio, who is stepping down Feb. 2 to deal with family health matters.
The company, which includes Sears and Kmart, said last week that its comparable-store sales fell 1.8 percent for the nine weeks ended Dec. 29.