Struggling Sears Holdings Corp said it would raise up to $380 million by selling most of its stake in Sears Canada Inc through a rights issue, generating much-needed cash ahead of the crucial holiday shopping season.Sears Holdings, which has been posting losses since mid-2012, has been closing stores, cutting inventory and selling property and assets after nearly a decade of falling sales.The company's stake in its beleaguered Canadian unit will fall to about 12 percent from 51 percent after it sells 40 million shares in the rights issue.Shareholders of Sears Holdings will have the right to purchase one share of Sears Canada for each share held, at a price of C$10.60 per share.
Sears Canada Inc. (Sears) is a multi-channel retailer. Shares of SCC fell by 1.26% or $-0.14/share to $10.98. In the past year, the shares have traded as low as $10.11 and as high as $19.89. On average, 16592 shares of SCC.TO exchange hands on a given day and today's volume is recorded at 1270.
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 traded higher by 6.34% or $1.5969/share to $26.78. In the past year, the shares have traded as low as $24.10 and as high as $67.50. On average, 1060860 shares of SHLD exchange hands on a given day and today's volume is recorded at 298291.
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