Sears Holdings Corp. is spinning off its Lands' End business.
A registration statement, a Form 10, has been filed with the Securities and Exchange Commission by Lands End Inc.
Lands' End was once a publicly-traded company prior to its acquisition by Sear, Roebuck & Co. That was before ESL Investments chairman Edward Lampert acquired Kmart Corp. from bankruptcy and subsequently picked up Sears, Roebuck. The merged entity was renamed Sears Holdings.
The spin off of Lands' End will be accomplished via a pro rata distribution of all of the shares of Lands' End stock. The transaction is still subject to the approval of the board of Sears' Holdings.
Until the spin off is completed, Sears has the option of abandoning the idea or changing the terms of the spin off.
Sears had been trying to sell the division, seeking about $2 billion when feelers were put out a year ago. Financial sources said private equity firms had put in bids in the $1 billion range, which were rejected by Sears.
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