Sears Holdings completes Sears Canada transaction

Associated Press Published: November 14, 2012
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HOFFMAN ESTATES, Ill. (AP) — Sears said Wednesday that it has completed its spinoff of part of its stake in Sears Canada Inc.

The Hoffman Estates, Ill., company said the partial spinoff effective Tuesday leaves it with an approximately 51 percent ownership interest in Sears Canada.

Sears Holdings Corp. distributed about 44.5 percent of the outstanding Sears Canada shares to Sears Holdings stockholders. They got 0.4283 Sears Canada common shares for every share of Sears Holdings stock held as of Nov. 1.

Sears Holdings, which runs its namesake stores and Kmart locations, has more than 2,600 stores in the U.S. and Canada. The company recently spun off Sears Hometown and Outlet Stores Inc. which is now a separate publicly traded entity.

Sears Holdings will continue to list on the Nasdaq Global Select Market under the "SHLD" ticker symbol. Sears Canada will remain listed on the Toronto Stock Exchange under the "SCC" ticker symbol.

Sears Holdings shares closed at $59.90 per share on Tuesday.