Sears | featured news

Sears continues to struggle to get a "decent" return on its assets and the retailer didn't move fast enough to cut expenses after the financial crisis, the CEO said at the annual meeting.

Former Sears chief Louis D'Ambrosio received no bonus or stock awards last year, cutting his compensation by nearly 90% to $1.3 million.

Sears Holding Corp. has signed a contract with Edward Lampert to keep him on as CEO of the company at a salary of $1 per year. A regulatory document filed Wednesday shows that the billionaire hedge fund manager will be paid an annual base salary of $1, but with the opportunity for a bonus of up to $2 million in cash or stock and up to $4.5 million in stock per year.

As Eddie Lampert takes over as Sears Holdings CEO, he again faces the task of fixing Kmart.

Companies often tout their workplaces as an inviting environment for employees. Yet many are far from it, and workers at many of the largest corporations dislike, or even hate, their jobs.

Sears CEO Louis D'Ambrosio received a compensation package valued at $9.9 million last year, most of it in stock awards.

Struggling Sears Holdings Co., which controls the Kmart and Sears chains, has posted a list of 79 stores that will be shuttered after a disappointing holiday season.

Between 100 and 120 Sears and Kmart stores will be closed, the retailer said Tuesday, after terrible holiday sales during what is the most crucial time of the year for retailers.

A online Sears ad that mistakenly advertised the 16-gigabyte, Wi-Fi-only iPad 2 for $69 — and got shoppers' hopes up and orders placed — was retracted by the retail giant, which blamed a third-party seller of Apple's popular tablet for an advertising typo. That model iPad 2 is normally sold for $744.99 by the third-party seller, GSM On Sale.

The death of a six-month old child prompted the recall Tuesday of about 635,000 cribs sold by Kmart, Sears, Wal-Mart and other stores.