Hoffman Estates-based company, Sears Holdings Corp has said that the its Chief Executive Officer Louis D'Ambrosio is set to step down from the top post on 2 February, 2013 due to family health matters.

The company also said that Chairman Edward Lampert will also look after the role of the CEO. The resignations come at a time when the company has been struggling to position itself as a department store in the highly competitive retail market.

Lampert, who is the operator of a hedge fund, is the largest shareholder in the company and is now planning to take over the charge of the company. The decision is a reversal of his decision to hire D'Ambrosio as chief executive about two years ago after having an interim CEO.

Lampert said in a statement that, ""I have agreed to assume these additional responsibilities in order to continue the company's recovery and sustain the momentum we are experiencing, as well as further the development of the management team under the distributed leadership model, which provides our business unit leaders with greater control, authority and autonomy."

The company also announced that it is expecting to report a net loss of $280 million to $360 million for the quarter till 2 February, 2013.