Hoffman Estates, Ill. – Sears Holdings Corp. on Wednesday confirmed it is exploring strategic options for its 51% interest in Sears Canada Inc., including a sale. To assist in its efforts, the retailer said it will hire to an investment banking firm.
Sears Canada's board of directors and management intend to cooperate fully with Sears Holdings in this process. Net loss attributable to Sears Holdings’ shareholders was $358 million and $1.4 billion, respectively, for the fourth quarter and full year of 2013.
Sears Canada is a separate publicly held company that operates 176 Sears stores, 233 hometown deal stores, seven Sears home services showrooms and approximately 1,400 catalog and online merchandise pick-up locations in Canada.