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Monday, January 7, 2013

Sears says CEO to step down in early February, (NASDAQ: SHLD)

Sears Holdings Corp said Chief Executive Louis D'Ambrosio will step down for family health reasons after the U.S. retailer reported a 1.8 percent 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. D'Ambrosio became the chief executive in February 2011.Total domestic comparable store sales for the nine-week period declined 1.8 percent largely due to sales declines in the consumer electronics category at both Sears and affiliate Kmart, the company said.Kmart recorded a 3.8 percent fall in comparable store sales for the nine-week period. Kmart's quarter-to-date comparable store sales decline reflects a significant decline in consumer electronics, besides weak sales in the pharmacy, grocery & household and drug categories.

Sears Holdings Corporation (Holdings) is a retailer with 2,172 full-line and 1,338 specialty retail stores in the United States operating through Kmart Holding Corporation (Kmart) and Sears, Roebuck and Co. Shares of SHLD traded higher by 1.73% or $0.73/share to $42.92. In the past year, the shares have traded as low as $29.85 and as high as $85.90. On average, 1165840 shares of SHLD exchange hands on a given day and today's volume is recorded at 954874.