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 Corp. next month and operate as a stand-alone, publicly traded company.
In its amended filing with the Securities and Exchange Commission, Lands' End says stakeholders in Sears will each receive about three-tenths of a share 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 its assets to be spun off. Lands' End will pay Sears a cash dividend of $500 million before the spinoff.
The mostly online and catalog retailer will trade on the NASDAQ under the symbol LE, beginning on April 7th.