Sears to spin off Lands' End business
Sears Holdings Corp. said on Friday that it will spin off its Lands' End clothing business as a separate company by distributing stock to the retailer's shareholders.
It is the latest move by the struggling retailer to turn around its results as it deals with increasingly displeased investors.
Sears had said in October that it was considering separating the Lands' End and Sears Auto Center businesses from the rest of the company. It did not mention Sears Auto Center in the latest announcement.
Belus Capital Advisors analyst Brian Sozzi said the move shows Sears was unable to get a buyer at the right price for Land's End. The move might raise questions about how much other well-known brand names Sears owns, such as Craftsman, are worth, he said.
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