Sears’ Lampert reports 5.8% stake in Gap
New York City — A Tuesday report by the Wall Street Journal said that hedge fund billionaire and Sears Holding Corp. chairman Edward Lampert has reported holding a 5.8% stake in Gap Inc.
Lampert reported the stake in a 13G filing, or a filing for passive investors, with the Securities and Exchange Commission late Monday.
His ESL Partners company and affiliates reported beneficially holding 35 million common shares.
In a separate 13F filing, Lampert reported holding 2.8 million Gap shares as of Dec. 31, a new position. According to the WSJ report, any investors who manage more than $100 million are required to disclose most securities holdings within a month and a half of the end of a quarter.
Report: A&P to close 32 stores
New York City — A&P plans to close 32 stores in six states, including four in the New York City area, Crain’s New York reported.
Among the stores slated to close are 14 Pathmarks, seven Super Fresh shops, four A&Ps and three Waldbaums, according to the report.
A&P operates 395 stores in eight states and the District of Columbia under the banners A&P, Waldbaum’s, Pathmark, Best Cellars, The Food Emporium, Super Fresh and Food Basics. The company filed for Chapter 11 bankruptcy in December.
AC Moore considering potential sale
Berlin, N.J. — A.C. Moore Arts & Crafts said Tuesday it is considering a potential sale of the company.
The arts-and-crafts retailer revealed that its board is looking at strategic options to boost shareholder value, which may also include corporate financing or raising capital. It said there has been third-party "expressions of interest," but that it won’t discuss any developments unless its board approves a specific transaction.
The company has hired Janney Montgomery Scott LLC as its financial adviser to assist with the process.