Dive Summary:
- Sears CEO Eddie Lampert announced that his investment firm ESL Partners has reduced its stake in the company.
- Lampert’s firm announced in a regulations filing that it now controls less than 50% of Sears public shares, down from 55.4% to 48.4%.
- Lampert released a statement that he sold none of his personal shares in the company and still controls a stake in Sears worth $2.87 billion.
Dive Insight:
“My significant personal ownership in the company is a sign of my confidence and alignment with all shareholders,” said Eddie Lampert in a statement. Lampert announced that over 7 million shares in the company were distributed to investors after withdrawing their investment in Lampert’s investment company.
