Sears Plans to Spin Off Part of Canadian Unit
by Staff Writer on May 17, 2012
Sears Holdings announced on Thursday that it would spin off part of its Canadian unit, a poor performer that has weighed down the struggling retailer. The move to sell shares in the unit, if approved by regulators, would reduce the holding company’s stake in Sears Canada to 51 percent from 95 percent. Sears indicated it could further wind down the stake, disclosing in a statement on Thursday that “subsequent to the spinoff,” the company could sell “any portion of its remaining interest in Sears Canada.”
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