Hoffman Estates, Ill. — In a not-so-unexpected move, Sears Holdings Corp. on Friday said it had filed to spin off its Lands' End unit.
Sears has been selling or spinning off assets during the past few years as it struggles to turn around its business. The company sold its Orchard Supply Hardware Stores and its Sears Hometown and Outlet Stores businesses last year. In October, Sears said it would consider strategic alternatives for its line of auto centers. Sears also is selling some store leases in Canada.
Lands’ End, which Sears bought in 2002, generated sales of $1.59 billion in 2012, down from $1.73 billion in 2011. In a separate statement, Lands' End said that it planned to list on the Nasdaq under the symbol "LE."
Sears intends to spin off Lands' End through the pro rata distribution of all of the shares of Lands’ End common stock.
The spin-off is subject to the approval of the board of directors of Sears Holdings.