Sears CEO Eddie Lampert pares down stake in company

Sears Holdings chairman and CEO Eddie Lampert has pared down his stake in the retailing company, according to a regulatory filing Tuesday.



A Securities and Exchange Commission filing showed that Lampert reduced his stake in Sears Holdings to 48.4%, from a 55.4% stake reported in March. That leaves him with about 51.6 million shares in the company, whose stock was valued at $50.38 per share Wednesday morning on the NASDAQ, down from its opening price of $52.62.



Bloomberg reported that Lampert had given up majority control due to investors pulling money from the company after its string of 27 quarterly sales declines.