Sears, Retailer | 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.

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

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that mistakenly advertised the 16-gigabyte, Wi-Fi-only iPad 2 for $69 — and got shoppers' hopes up and orders placed — was retracted by the retail giant, which blamed a third-party seller of Apple's popular tablet for an advertising typo.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.

Sears posted a $94 million loss on compensation and restructuring charges, widely missing expectations, as revenue fell.