Edward Lampert
Miami Beach, Florida
Bachelor of Arts/Science, Yale University
United States
ESL Investments Inc.
9
Sears, Self Made
$1,100,000,000
2057
#2057 Billionaires 2019
#309 Forbes 400 2016
After a stint at Goldman Sachs' risk arbitrage department, Edward Lampert founded hedge fund ESL Investments in 1988, betting on undervalued stocks.He took over as CEO of struggling retail giant Sears Holdings (Sears, Kmart, Kenmore) in 2013 with hopes of a turnaround, but failed miserably. Lampert's ESL Investments promised Sears nearly $1 billion in loans in the first 10 months of 2017.In October 2018, Sears Holdings filed for Chapter 11 bankruptcy and announced that it would close 142 Sears and Kmart stores.In January 2019 Lampert won an auction to keep the company, with a reported bid of more than $5 billion; a judge still must sign off on the proposal.
Lampert was kidnapped in 2003. He was released by his captors after two days. A graduate of Yale University, he was a part of the secret society Skull and Bones, whose alumni include former presidents George H.W. Bush and George W. Bush.
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