Clothing Retailer Lands End To Split From Sears
DAVID GREENE, HOST:
NPR's business news begins with a split for Lands' End.
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GREENE: Lands' End, the outdoor clothing retailer, will spin off from Sears Holdings Corporation next month and operate as a standalone, publicly traded company.
In its amended filing with the Securities and Exchange Commission, Lands' End said stakeholders and Sears will receive about .3 shares of Lands' End Common Stock. Sears sales have declined since it combined with K-Mart in 2005. And Lands' End, one of its more profitable holdings, is the most recent of the assets to be spun off. Lands' End will pay Sears a cash dividend of $500 million before the spinoff.
But mostly online and catalog retailer will trade on the NASDAQ under the symbol, LE beginning on April 7th. Transcript provided by NPR, Copyright NPR.