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Sears Holdings Corp.

Sears posts profit by selling buildings, not goods

Sears posts profit by selling buildings, not goods

Sears' sales declined in the second quarter as it shifted away from low-margin goods like electronics and it focused on increasing the number of loyal customers through reward programs. The retailer did post its first quarterly profit in three years, bolstered by selling and leasing back some of its buildings to a new real estate investment trust. Chairman and CEO Edward Lampert, a billionaire hedge fund investor, combined Sears and Kmart in 2005, about two years after he helped bring the latter out of bankruptcy. Facing increased pressure from Wal-Mart, Target and others, Sears created the Shop Your Way loyalty program which rewards members for items they purchase. Shop Your...

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