REAL ESTATE

Lampert to shrink size of Sears stores

BY Marianne Wilson

The future of Sears is smaller.

Eddie Lampert, who completed his $5.2 billion acquisition (via his ESL Investments hedge fund) of the bankrupt chain on Feb. 12, told The Wall Street Journal that his goal is to shrink the size of existing Sears stores and open more smaller-format locations. Less apparel and more tools and appliances is also part of his strategy.

In the interview, Lampert said he thinks Sears could be a public company at some point in the future.

“If I am a betting person, which I am, I would say at some point we would be public again,” Lampert told the Journal.

The newly restructured company is comprised of 223 Sears and 202 Kmart stores, along with such brands and operating businesses as Kenmore, DieHard, Craftsman, Sears Home Services, and Sears Auto Centers. It is searching for a CEO with a record of success “in managing platform businesses and effectuating large-scale dynamic transformations.”

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