Sears Spins Off Portion of Canadian Cousin

Chairman Edward Lampert spins off 28.2 million Sears Canada shares.

Edward Lampert, chairman of Sears Holding Corp., has spun off a good chunk of his company’s northern cousin, Sears Canada.

Lampert, through a variety of funds, spun off 28.2 million shares of Sears Canada, or 27.6 percent of those outstanding, to Sears Holding shareholders. Sears Holdings shareholders received 0.4283 common shares of the Canadian chain for each Sears share.

In October, Sears Holding said the spin off would cut its stake in Sears Canada to about 51 percent from 95.5 percent.