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Sears' shares rally on director's stock buys

Sears' shares up as board member Thomas Tisch buys 475,000 more shares

Associated Press

NEW YORK (AP) -- Sears Holdings Corp. shares got a lift on Thursday, after company director Thomas Tisch increased his stake in the retailer.

According to documents filed Thursday with the Securities and Exchange Commission, Tisch bought shares totaling 475,000 over two days. According to FactSet, Tisch owns about 3.7 million Sears shares, making him one of its largest shareholders.

Shares rose more than 14 percent, or $4.73, to $38.33. Even with the gain, the stock is flat for the past year.

The rise comes as Sears, controlled by Chairman and CEO Eddie Lampert, is shifting its focus from running a store network to a member-focused business — loyal shoppers receive incentives to buy. But the company's results have been hurt as it continues traditional promotions while investing in its membership program, dubbed Shop Your Way.

The Hoffman Estates, Ill.-based retailer reported a hefty loss in the fourth quarter on a 14 percent sales drop. Sears, which also operates Kmart stores, continues to struggle to bring shoppers into its stores and has been cutting costs, reducing inventory and selling assets to return to profits. It recently spun off its Lands' End clothing business as a separate company.