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Green takes over at Sears

Tuesday 26 January 1999 00:02 GMT
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PHILIP GREEN (left) formally won control of the ailing Sears group yesterday when his January Investments vehicle said it had agreed to buy 52.9 per cent of the shares. JIL, bankrolled by the Barclay Brothers, agreed to buy the 34 million shares controlled by Phillips & Drew, Sears' largest shareholder.

Mr Green, who was still in the south of France yesterday, said he will move into Sears head office in London today to start work. He added: "I'll be there from noon. I'll meet all the management and get everyone settled." He declined to say if there would be any early decisions on how many of the old Sears board he would retain or how quickly he might sell parts of the business. "People think I'm going to sell bits and pieces within five minutes but that's not true."

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