Sears Rises After Chairman Lampert Buys Shares: Chicago MoverChris Burritt
Sears Holdings Corp. climbed the most in more than four months after Chairman Edward Lampert disclosed that he increased his stake in the retailer last week after being named chief executive officer.
Sears increased 8.9 percent to $44.60 at the close in New York for biggest gain since Sept. 6.
Lampert spent $13.6 million of personal funds to buy 332,048 on the Sears shares on Jan. 9 and Jan. 10, according to a regulatory filing today. The Hoffman Estates, Illinois-based department-store chain said Jan. 7 that Lampert, 50, will take over as CEO in February when Lou D’Ambrosio steps down because of a health matter in his family.
Lampert and his funds are Sears’ largest investors, controlling more than half of the shares.
ESL Investments Inc., the hedge fund run by Lampert, named former Best Buy Co. interim CEO G. Mike Mikan as president, effective Jan. 1. He reports to Lampert.