Sears CEO Lampert Reduces Stake in Retailer

Billionaire hedge-fund investor and Sears Holdings Corp. (SHLD) Chief Executive Edward Lampert has trimmed his stake in the struggling retailer.

According to a filing with the Securities and Exchange Commission on Tuesday, Mr. Lampert has cut his Sears stake to 48.4% from 55.4%, the size that had been disclosed in a March filing.

A representative for Sears didn't immediately respond to a request for additional comment.

Mr. Lampert's reduced stake, which was earlier reported by CNBC, comes at a time when Sears has been working to turn around its mass-market retail stores.

Sears has been working to shed assets and spin off businesses. The company already closed more than 300 stores since 2010; in October, Sears said it might spin off its Lands' End brand, would consider strategic alternatives for its line of auto centers and is selling some store leases in Canada.

Last month, the company reported a wider loss in its fiscal third quarter as revenue slumped because of weaker same-store sales and store closures.

Shares edged up 14 cents to $55.69 in recent after-hours trading. Through Tuesday's close, the stock has risen 34% since the start of the year.

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