Sears Holding Corp. on Friday said it has taken moves to spin
off Dodgeville-based Lands’ End Inc. to shareholders as a
separate publicly traded company.
has filed a registration statement with the U.S. Securities and
Exchange Commission to spin off its Lands’ End business, which
is expected to trade on the Nasdaq under the symbol LE.
that the spin-off will be tax-free to U.S. stockholders except
for any cash received in lieu of fractional shares,” according
to a Sears statement. “The spin-off is subject to the approval
of the board of directors of Sears Holdings and the satisfaction
of certain other conditions.”
Ill.-based Sears said a spinoff of the company would make it
easier to understand and manage. The company expects Lands’ End
to grow from the separation.
Sears acquired Lands’ End, a catalog company that sells apparel