Sears Holdings Files to Spin Off Land's End

Sears Holdings Corporation plans to spin off its Land's End business and has filed the appropriate registration forms with the Securities and Exchange Commission accordingly, the company announced on Dec. 6.

"We expect that the spin-off will be tax-free to U.S. stockholders except for any cash received in lieu of fractional shares," the company said in a statement.

The plan must be approved by Sears Holdings' board of directors, and the company can withdraw or amend the proposal prior to completion.

Established in 1963, Land's End was a publicly traded company before it was acquired by Sears Holdings in 2002 for about $1.9 billion.
This ad will auto-close in 10 seconds