Business Services Industry
Stealth investor is taking a big bite of Big Store.(News)(millionaire Edward Lampert acquires stakes in Kmart Corp., Sears Roebuck & Co.)
Crain's Chicago Business, April, 2003
Byline: SANDRA JONES Edward Lampert, the stealth Connecticut multimillionaire poised to take control of Kmart Corp., has been quietly buying up big chunks of Sears, Roebuck and Co., making him the retailer's second-largest shareholder. ESL Partners L.P., the $5-billion hedge fund that Mr.
Lampert owns and runs, began acquiring Sears shares in earnest six months ago, shortly after the price plummeted to a decade low in the wake of bad news at its highly profitable credit card business. The Hoffman Estates-based company revealed that it would have to increase reserves for bad accounts as a growing number of customers failed to pay their bills, sparking a stock selloff and eventually leading Sears to put the unit up for sale last month. Mr. Lampert, a...
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