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  • In Retreat, Sears Set to Unload Stores [Obama's America: End of An American Retail Giant]

    02/23/2012 10:31:44 PM PST · by Steelfish · 36 replies
    Wall St. J ^ | February 23, 2012 | MIGUEL BUSTILLO AND DANA MATTIOLI
    FEBRUARY 24, 2012 In Retreat, Sears Set to Unload Stores [Subscriber Content Preview] BY MIGUEL BUSTILLO AND DANA MATTIOLI After seven years of trying to rebuild the iconic retailer Sears, hedge-fund manager Edward S. Lampert reversed course on Thursday, announcing that Sears Holdings Corp. will unload more than 1,200 stores in an effort to raise up to $770 million of much-needed cash. Many on Wall Street interpreted the move as the beginning of the breakup of the company. Sears on Thursday reported a loss of more than $3 billion for 2011, and same-store sales have fallen for six straight years....