Struggling U.S. retailer Sears Holdings Corp, led by hedge fund manager Edward Lampert, said it would spin off its Lands' End clothing business. The spinoff will be through a prorata distribution of Lands' End shares to shareholders, Sears said in a regulatory filing on Friday.
Sears Holdings Corporation (Holdings) is a retailer with 2,172 full-line and 1,338 specialty retail stores in the United States operating through Kmart Holding Corporation (Kmart) and Sears, Roebuck and Co. Shares of SHLD fell by 1.85% or $-0.94/share to $49.98. In the past year, the shares have traded as low as $38.40 and as high as $67.50. On average, 1225930 shares of SHLD exchange hands on a given day and today's volume is recorded at 3070217.
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