Despite the challenges, the Sears pension fund managed to rack up a surplus of $65 million by 2004.
But it was about to face another problem.
In 2005, U.S. hedge fund manager Edward Lampert gained control of Sears Roebuck in the U.S., becoming the controlling shareholder of Sears Canada. He would retain a controlling interest in Sears Canada, through Sears Holdings and later through his hedge fund, ESL & Associates, that has fluctuated, but which continues to this day.
Between Dec. 9, 2005 and Dec. 9, 2013, Sears Canada paid $3.4 billion in dividends to shareholders, including $2 billion in 2005, $377 million in 2010, $102 million in 2012 and $509 million in 2013.
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