Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Sears Jumps After Force Capital Management Discloses Stake

Feb. 13 (Bloomberg) -- Sears Holdings Corp., the retailer controlled by Edward Lampert, jumped after Force Capital Management LLC disclosed a 5.6 percent stake.

The shares rose 7.5 percent to $43.42 at the close. The New York-based investment firm reported its stake in a regulatory filing yesterday.

Chief Executive Officer Lampert has been selling and spinning off assets to bolster cash reserves as Sears’ retail sales have slid. The company last month forecast a fourth-quarter loss and said sales during the holiday period dropped. The gain in the stock today “doesn’t reflect fundamentals,” Matt McGinley, a managing director at Institutional Strategy and Investments in New York, said in an e-mail.

“Operationally, Sears had a horrible holiday, and the cash burn that they will report in a few weeks will reflect that,” McGinley said.

Howard Riefs, a spokesman for Sears, declined to comment by e-mail on Force Capital’s stake.

Hoffman Estates, Illinois-based Sears has declined 11 percent this year.

To contact the reporter on this story: Lauren Coleman-Lochner in New York at llochner@bloomberg.net

To contact the editor responsible for this story: Robin Ajello at rajello@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.