Monday, May 07, 2007
Chairman: Sears eyes possible purchases
COMPANY HAS CASH ON HAND TO INVEST
The Associated Press
San Jose Mercury News
HOFFMAN ESTATES, Ill. (AP) - Sears Holdings Chairman Edward Lampert told shareholders Friday the retail giant is eyeing numerous possibilities for acquisitions or investments two years after the parent of Sears and Kmart stores was created.
But the billionaire investor and hedge-fund manager gave no indication at the company's annual meeting that a move is imminent. Wall Street has been eagerly waiting for Sears Holdings to use its large stash of cash.
Responding to a shareholder question about his plans for the company's more than $2 billion in cash, Lampert said there are "a variety of options to deploy that."
"What will shake out, especially this year, really is going to depend on what the opportunity set is," he said.
Sears was rumored last year to be a potential bidder for everything from Home Depot to Anheuser-Busch, but no large investment has yet surfaced.
While Lampert wouldn't tip his hand on what companies could be targeted, the company disclosed plans for its first big marketing campaign of his tenure, to be rolled out beginning Sunday.
The Kmart brand is getting a new mascot - a talking light bulb called "Mr. Blue Light." The Sears brand will be promoted in commercials and ads under the tag line: "Sears: Where it begins."
Chief Executive Aylwin Lewis said the company is intent on doing a better job in promoting its leading brands in appliances, tools, and lawn and garden.
The ad campaign "won't solve all the issues we face, but ... it'll go a long way toward telling the public what do we stand for," Lewis said.
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