Sears Chairman Buys Stake in Gap
By Erin Donnelly
02/16/11 at 12:30 PM
Photo: Getty Images
Edward Lampert has made a substantial investment in Gap.
A new investor has fallen into the Gap.
Financier Edward Lampert—the man who merged Sears and Kmart—has scooped up a whopping 35 million shares to obtain a 5.8 percent stake in Gap Inc., WWD reports.
The chairman of the Sears Holding Corp. could use his investment (estimated at just under $800 million) to instigate changes at the retailer—though we hope that means more designer collaborations and not another new logo.
"The regulatory filing specified that the investment was not made to try to influence control of the company, but Lampert could change his stance and push Gap to revamp operations, perhaps lobbying for a more aggressive share buyback program," notes the paper.
Get the full story from WWD.
