Edward Lampert and His White Whale, Sears


A sears store in Salem, N.H. Sears shares have lost nearly 90 percent of their value since 2007.CreditElise Amendola/Associated Press

A tragic figure in American literature has an analog in modern finance. Once upon a time, the billionaire investor Edward S. Lampert was hailed as the next Warren E. Buffett. These days, his decade-plus obsession with the struggling retailer Sears resembles Captain Ahab’s with Moby-Dick.

Mr. Lampert was a hedge fund star when he took the discount store Kmart out of bankruptcy in 2003 and merged it with Sears two years later. A devotee of Ayn Rand and Mr. Buffett, Mr. Lampert had parlayed $28 million of seed corn into a spot on the Forbes rich list by making savvy bets on undervalued companies…

Edward Lampert and His White Whale, Sears

Categories : Uncategorized

Leave a Reply

You must be logged in to post a comment.