Sears to Explore Sale of Sears Canada
HOFFMAN ESTATES, Ill.-Sears Holdings said it is considering a possible sale of its 51 percent stake in Sears Canada or a potential sale of Sears Canada as a whole, along with other strategic alternatives.
The company said it intends to hire an investment banking firm to explore all of the alternatives. Meanwhile, Sears Canada's board of directors has told Sears Holdings that the Sears Canada board and management intend to cooperate fully with Sears Holdings in this process "to achieve value for all shareholders," Sears Holdings said in a statement.
Sears Holdings completed its spinoff of part of its stake in Sears Canada in November 2012, leaving it with its current 51 percent holding.
Last month, Sears Holdings also finalized its spinoff of Lands' End, garnering $500 million in proceeds as a result. It has also been evaluating the spinoff of Sears Auto Centers since last October.