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Hedge-fund manager slashes shares in Sears

The Blade – Edward Lampert, the hedge-fund manager who for the last eight years tried to turn around Sears Holdings, cut his stake in the retailer below 50 percent.

Mr. Lampert’s ESL Investments owns 48 percent of the chain, down from 55 percent reported as recently as October, according to a filing Tuesday with the Securities and Exchange Commission. Mr. Lampert, 51, engineered the merger of Kmart Holding and Sears, Roebuck & Co. in 2005.

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