Sears Holdings’ chief executive officer Lou D’Ambrosio will step down due to “family health matters.”
He is set to leave on Feb. 2, when the fourth quarter ends.
Edward S. Lampert will assume the role of ceo. Lampert is already chairman of Sears’ board.
Separately, the company said it expects a net loss attributable to shareholders for the quarter ending Feb. 2 to be between $280 million and $360 million, or a loss of between $2.64 and $3.40 a diluted share.
Sears operates stores under the Sears and Kmart nameplates.