Sears to spin off Orchard Supply Hardware

By Hype Zero:As Sears Holdings Corporation (SHLD), a HypeZero recommendation, spins off Sears Hometown and Outlet Stores, let's look at the state of the company that it spun off less than a year ago - Orchard Supply Hardware Stores Company (OSH

HOFFMAN ESTATES, Ill. — Sears Holdings Corp. announced late Monday that CEO Louis J. D’Ambrosio is stepping next month due to health issues involving his family. The company, which operates Sears and Kmart stores, said D’Ambrosio will be replaced by company chairman and its largest shareholder, Edward Lampert. D’Ambrosio will remain on the board until the company’s annual meeting in May. The nature of the health issues affecting D’Ambrosio’s family was not disclosed.

HOFFMAN ESTATES, Ill. — Sears Holdings Corp. announced late Monday that CEO Louis J. D’Ambrosio is stepping next month due to health issues involving his family. The company, which operates Sears and Kmart stores, said D’Ambrosio will be replaced by company chairman and its largest shareholder, Edward Lampert. D’Ambrosio will remain on the board until the company’s annual meeting in May. The nature of the health issues affecting D’Ambrosio’s family was not disclosed.

By Simon Moore: Recommendation

TORONTO – Sears Canada Inc will stick to its three-year turnaround plan, Chief Executive Calvin McDonald said on Friday although he conceded he was not entirely happy with the company’s progress in the 19 months since he took the top job. Last week, the department store chain’s parent, Sears Holdings Corp, said the performance of the Canadian unit would likely hold back its own fourth-quarter results. “There are areas that I wish were further along in our transformation plan,” McDonald said in an interview. “We still have a lot of work to do.”

TORONTO — With news from its U.S. parent about lower sales and operating earnings at Sears Canada in the critical holiday quarter, the future looks increasingly grim for the Canadian department store chain as rival Target Canada gets ready to open stores here in two months.

Sears Holdings Corp said late on Monday Chief Executive Louis D’Ambrosio will step down for family health reasons after the U.S. retailer reported a 1.8% decline in quarter-to-date sales at stores open at least a year. Edward Lampert will assume the role of Sears CEO in addition to his current role as chairman, Sears said in a statement late on Monday. Lampert’s hedge fund, ESL Investments, had a 34.14% stake in Sears Holdings as of Nov. 30, according to Thomson Reuters data.

Time Warner Inc. said on Wednesday it plans to separate its publishing unit Time Inc. as an independent, publicly traded company. The company plans to complete the process by the end of the year. “After a thorough review of options, we believe that a separation will better position both Time Warner and Time Inc.,” Time Warner Chairman and CEO Jeff Bewkes said in a statement.