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PacSun cuts Q4 loss
ANAHEIM, Calif. — Pacific Sunwear of California announced that net sales from continuing operations for the fourth quarter of fiscal 2012 ended Feb. 2, were $228 million versus net sales from continuing operations of $218.7 million for the fourth quarter of fiscal 2011 ended Jan. 28, 2012.
Comparable-store sales for the fourth quarter of 2012 increased 1%.
The company ended fiscal 2012 with 644 stores, compared with 733 as of the end of fiscal 2011. The company closed 78 stores in the fourth quarter of fiscal 2012.
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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.