Business

Market Movers

Sears falls as chairman takes on CEO role

Sears Holdings has more than 2,600 Canadian and US Sears and Kmart stores.

Andy Clark/Reuters/File 2011

Sears Holdings has more than 2,600 Canadian and US Sears and Kmart stores.

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Sears Holdings Corp. fell a day after the retailer said chairman and hedge fund billionaire Edward Lampert will be CEO — even as the company offered an update on holiday sales that showed some improvement at Sears stores. Still, the company faces a long battle to turn itself around. Lampert succeeds Louis D’Ambrosio, who is leaving because of family health matters. Lampert has been known as a hands-on chairman at the chain, which has posted six straight years of sales declines.

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