Billionaire hedge-fund investor and Sears Holdings Corp. (SHLD)
Chief Executive Edward Lampert has trimmed his stake in the
struggling retailer.
According to a filing with the Securities and Exchange
Commission on Tuesday, Mr. Lampert has cut his Sears stake to 48.4%
from 55.4%, the size that had been disclosed in a March filing.
A representative for Sears didn't immediately respond to a
request for additional comment.
Mr. Lampert's reduced stake, which was earlier reported by CNBC,
comes at a time when Sears has been working to turn around its
mass-market retail stores.
Sears has been working to shed assets and spin off businesses.
The company already closed more than 300 stores since 2010; in
October, Sears said it might spin off its Lands' End brand, would
consider strategic alternatives for its line of auto centers and is
selling some store leases in Canada.
Last month, the company reported a wider loss in its fiscal
third quarter as revenue slumped because of weaker same-store sales
and store closures.
Shares edged up 14 cents to $55.69 in recent after-hours
trading. Through Tuesday's close, the stock has risen 34% since the
start of the year.
Subscribe to WSJ: http://online.wsj.com?mod=djnwires