Eddie Lampert-controlled Sears Holdings Corp said on Friday its board approved the spin off on April 4 of its Lands' End clothing business. The deal, which was announced in December, will make Lands' End an independent, publicly traded company on the Nasdaq stock exchange under the symbol LE.Lands' End sells casual clothing, accessories, footwear, and home products online, through catalogs and in stores.Sears stockholders on record as of March 24 will receive about 0.3 shares of Lands' End common stock for each share of Sears they own.Lands' End is the latest asset that Sears has shed as it struggles with mounting operating losses and declining sales
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 3.4% or $-1.55/share to $44.01. In the past year, the shares have traded as low as $32.85 and as high as $67.50. On average, 1944430 shares of SHLD exchange hands on a given day and today's volume is recorded at 1116845.
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