Sears Holdings approves spinoff of Canada business
Sears Holdings' board of directors has approved the previously announced spinoff of a portion of its interest in Sears Canada Inc.
Sears Holdings, which currently owns approximately 95.5% of the issued and outstanding common shares of Sears Canada, will distribute approximately 44.5% of the total issued and outstanding common shares of Sears Canada on a pro rata basis to holders of Sears Holdings common stock such that Sears Holdings will retain an ownership interest of approximately 51% in Sears Canada. The distribution will be made on Nov. 13, 2012 to Sears Holdings' stockholders of record as of the close of business on Nov. 1, 2012, the record date for the partial spin-off.
Following the distribution, Sears Holdings will continue to be listed on the NASDAQ Global Select Market under the symbol "SHLD," and Sears Canada will continue to be listed on the Toronto Stock Exchange (the "TSX") under the symbol "SCC."