Great Headlines We Loved : Tears for Sears: Eddie Lampert Props Up the Troubled Retailer

From the NY Observer: Did you hear the news about Sears last Monday? Of course you didn’t. You’re not stuck in 1975, after all, so why would you absorb any news about the company? But this was worth a listen; it was pretty compelling stuff.

Here’s the gist: on January 7, Sears Holdings announced that Louis J. D’Ambrosio, the company’s chief executive of just two years, would be leaving in February due to family health matters. His replacement: Eddie Lampert, the hedge fund manager who engineered the merger of Sears and Kmart in 2005.

Mr. Lampert became majority owner of Kmart in 2003. While most people were initially at a loss to understand why the former Goldman Sachs star was messing around with yesterday’s retailer, the joke was (for a time) on them. Mr. Lampert wasn’t making a retail transaction, but a real estate play….

http://observer.com/2013/01/tears-for-sears-eddie-lampert-props-up-the-troubled-retailer-but-whos-buying/