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Sears Chairman and CEO Edward Lampert boosted his stake in Gap Inc. according to regulatory filings.
Lampert is the billionaire hedge fund manager who engineered the merger of Sears and Kmart in 2005. Since then, Sears has struggled to maintain its place with years of declining sales and executive changeover. The company has focused on building loyalty rewards program and online business which officials said grew by 20 percent last year.
Lampert’s ESL Partners LP, took a 5.3 percent stake in San Francisco-based The Gap, on Dec. 31, according to documents filed Thursday with the Securities and Exchange Commission.
Shares of The Gap, which also operates brands Banana Republic, Old Navy, Piperlime and Athleta closed up nearly 5 percent at $32.87 on Friday, in part due to news about Lampert’s boosted interested in the retailer and on speculation that Uniqlo-owner and Japan-based Fast Retailing, Ltd. is also interested in the retailer.
The Gap has been on an upswing beating analysts estimates with holiday and January sales. The retailer said sales in stores open at least were up 8 percent to $1.13 billion in January.
Lampert, who has several retail holdings including Columbus, Ohio-based Big Lots Inc., also decreased his interest Fort Lauderdale-based AutoNation, Inc. by about $13.5 million to $34.5 million and purchased 844, 926 shares of Pleasanton, Calif-based Safeway Inc.
crshropshire@tribune.com | Twitter: @corilyns
Billionaire Sears CEO increases stake in Gap
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Billionaire Sears CEO increases stake in Gap
