Fairholme Capital Management LLC, the investment management firm established by Bruce Berkowitz, increased its stake in Sears Holdings Corp (NASDAQ:SHLD) based on its schedule 13G filing with the Securities and Exchange Commission (SEC).
The investment management firm acquired an additional 3,467,900 shares bringing its stake in Sears Holdings Corp (NASDAQ:SHLD) to 24,226,073 shares or 22.8%, of which Fairholme Fund owns 14,212,673 shares while Fairholme Allocation Fund owns 880,900 shares.
Preferred stock has been around for more than 150 years. One study suggests that the first shares of preferred stock were issued in 1836 by internal improvement companies in Maryland. However, some investors might not have given this asset class much thought until the government commandeered preferred shareholders' dividends in the government-sponsored enterprises Fannie Mae Read More
Berkowitz is a managing member of Fairholme Capital Management and serves as president of Fairholme Funds.
Sears names new executives
Sears Holdings Corp (NASDAQ:SHLD) recently appointed two executives to lead its automotive and pharmacy business units.
According to the retailer, its automotive business will be headed by Norman Miller. He was a former president and COO of DFC Global Corp (NASDAQ:DLLR).
Sears Holdings chairman and CEO Edward Lampert described Miller as a proven executive with operations, management, sales experience fit to lead the transformation of Sears Auto Centers.
Lampert said, “His deep expertise in driving the development and execution of growth and sales strategy for large, complex organizations makes him a strong addition to our team.”
On the other hand, Mark Panzer will serve as senior vice president and president of the pharmacy business of Sears Holdings Corp (NASDAQ:SHLD). He previously served as president and CEO of Pharmaca Integrative Pharmacy, Inc.
“Mark is an executive with proven success in blending wellness with innovative strategies to enhance members’ healthy lifestyles supported by leading technology, similar to our Shop Your Way platform,” according to Lampert.
Sears offers in-vehicle pick-up service
The retailer announced the launching of its in-vehicle pick-up service, which allows customers to pick up their online purchases at any Sears Stores. Consumers will just need to use the Shop Your Way mobile app to initiate an in-vehicle pick-up service, and within five minutes, a store associate will bring the purchase to their car and verify it using the payment method used online.
The stock price of Sears Holdings Corp (NASDAQ:SHLD) increased more than 8% to $38.87 per share at the time of this writing around 3:31 in the afternoon in New York.