ATTENTION, KMART VENDORS: MEET EDWARD LAMPERT.(appointment, US)(Biography)
HFN: The Weekly Newspaper for the Home Furnishing Network, May, 2003 by Zaczkiewicz, Arthur
NEW YORK-Kmart's emergence from Chapter 11 last week has given the retailer new stock, new financing and a new chairman, hedge-fund investor Edward Lampert.
Lampert is also Kmart's largest shareholder, with a stake of about 50 percent in the company.
Lampert is a newcomer to most people in the home furnishings industry, but the 40- year-old investor often becomes an influential force in the destinies of his investment properties. Not surprisingly, Lampert counts Warren Buffett as one of his gurus.
Last fall, for example, Lampert (through his company, ESL Investments) raised his stake in Sears from 7.2 percent to 8.9 percent, which made him Sears' second-largest shareholder.
Lampert's next move, according to industry insiders,...
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