Edward Lampert, the hedge-fund manager who for the past eight years tried to turn around Sears Holdings Corp., cut his stake in the retailer below 50 percent.
Lampert’s ESL Investments Inc. owns 48 percent of the Hoffman Estates, Illinois-based department store chain, down from 55 percent reported as recently as October, according to a filing Tuesday with the U.S. Securities and Exchange Commission.
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