Sears officially cuts the cord to Lands' End
After announcing its plans last December to do away with yet another one of its assets, Sears Holdings officially completed its spinoff of the Lands' End unit on Friday.
As according to plan, Lands' End began trading as a separate company Monday (stock ticker symbol LE), with about 32 million shares to its name. Those holding Sears shares as of March 24, 2014 received about .3 shares of common Lands' End stock per Sears share.
Lands' End is the latest business unit to be sold off by Sears Holdings, which also spun off Hometown and Sears Outlet stores and Orchard Supply Hardware in the past couple years, as well as closed multiple stores and sold several store leases.
The transaction ultimately brought about $500 million to Sears' coffers, which included a cash dividend paid by Lands' Ends to a subsidiary of Sears Holdngs.