Hedge fund billionaire and Sears Holdings Corp. CEO Edward Lampert is looking to shut down the retail giant’s Canada business.
The New York Post reported that Lampert, whose $9 billion hedge fund firm ESL Investments owns a majority stake in Sears, is currently interviewing several investment banks, including Goldman Sachs about conducting a prospective process in selling Sears Canada. Lampert, who is also the chairman of the company’s board, has been selling Sears Canada’s best-performing stores and cutting its cash since he took control of the chain in 2005.
The article added that according to several sources, Lampert plan is to turn Sears Canada into “cold, hard cash.” Sears Canada issued a $483 million dividend last week, despite its quarterly loss of $46.3 million.
Lampert was appointed CEO of Sears Holdings earlier this year after its prior chairman, Louis D’Ambrosio, announced plans to step down die to “family health matters.”
Founded in 1988 with $28 million in capital, ESL Investments has about $5.5 billion in AuM.