Friday, 29 August 2014
Last updated 11 hours ago
Jan 8 2013 | 11:05am ET
Hedge fund billionaire Edward Lampert is taking over Sears Holdings, the retail giant his hedge fund acquired eight years ago.
Lampert will become Sears' CEO as the department store chain struggles to revive its fortunes. Sales continue to fall and the company said last year it would close 120 stores.
Lampert, who took control of Sears in 2005 through a merger with Kmart, succeeds Lou D'Ambrosio. D'Ambrosio is reportedly leaving Sears in part due to a family member's medical condition.
ESL Investments' ownership of Sears has been sharply criticized for its failure to invest in the chain's stores. Lampert defended himself, noting, "we couldn't invest in everything." But, he said, he would encourage Sears to "take bigger and more creative risks" with the cash made available by closing poor-performing stores.
"There's a very big difference between being a CEO of a company and a shareholder or chairman of a company," Lampert said.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...