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Eddie Lampert to remain CEO of Sears for annual salary of $1
New York -- Eddie Lampert, chairman of Sears Holding Corp., has signed a contract to remain as CEO of the retail company at a salary of $1 per year, the Associated Press reported. Sears announced in January that Lampert would take over as CEO after Louis J. D'Ambrosio stepped down due to family health issues.
Lampert’s new contract is effective Feb. 1, according to a regulatory filing yesterday. Lampert also has the opportunity for a bonus of up to $2 million in cash or stock and up to $4.5 million in stock per year.
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City Sports opening 11,000-sq.-ft. store in Manhattan
Boston -- City Sports announced that it will open its 22nd retail location in New York City, on March 26. It will be City Sports' third location in New York City.
The new store, in the city’s financial district, will be the company’s largest retail location to date, with nearly 11,000 sq. ft. of selling space devoted to athletic apparel, footwear and equipment.
"We are absolutely thrilled to be opening a third retail location in New York City," said City Sports president and CEO Edward Albertian.