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Sears Considers Spin Offs

Tue, 29 Oct 2013 06:18:18 CDT
By: AP

Sears Considers Spin Offs Sears is considering separating its Lands End and Sears Auto Center businesses from the rest of the company. The retailer also plans to continue closing some of its unprofitable stores as it moves ahead on its turnaround efforts. Sears Holdings Corporation today says it would likely pursue a spinoff of Lands End, and not a sale. The company said it has already started repositioning Sears Auto Center around services other than tires and is evaluating strategic options for the business. Sears anticipates closing unprofitable stores, including those locations whose leases are expiring soon.    The Hoffman Estates company also says its third-quarter sales at stores open at least a year fell 3.7 percent. It expects to report its quarterly financial results on November 21st.

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