Sears Holdings Corp. today announced it plans to spin off its Dodgeville, Wis.-based Lands’ End Inc. business unit.
Hoffman Estates, Ill.-based Sears filed a registration statement on Form 10 with the Securities and Exchange Commission to spin off its Lands’ End business through the pro rata distribution of all of the shares of common stock.
The spin-off is subject to the approval of the board of directors of Sears Holdings and the satisfaction of certain other conditions. Sears Holdings may, at any time until the spin-off, decide to abandon the spin-off or modify or change the terms of the spin-off.
Holders of Sears Holdings common stock as of the record date for the spin-off will not be required to make any payment, surrender or exchange any shares of Sears Holdings common stock or take any other action to participate in the spin-off.