If Seritage can profit from Sears' retreat from brick-and-mortar retail, that's good for Lampert. In addition to being Sears CEO and largest shareholder, he is Seritage's chairman and his hedge fund owns about 40% of the real estate investor's limited partnership, as well as 8.5% of the voting power in its common stock. He has also recently extended credit to Seritage that it will use to redevelop the Sears stores. Seritage and Sears declined to comment for this story.