Sears to Spinoff Canada Stake

Sears Holdings Corp. said it would raise up to $380 million by selling most of its stake in Sears Canada Inc. through a rights issue, generating much-needed cash ahead of the crucial holiday shopping season, according to a Reuters report.

Sears Holdings will use the funds to support the turnaround of its business and for its operations in the holiday shopping season, said Rob Schriesheim, chief financial officer, in a statement.

Additionally, the Canadian chain reported its ninth loss in 14 quarters in August.

In December, the company raised about $500 million from the spinoff of its Lands’ End clothing business and $165 million from the sale of real estate.

Sears Holdings also took a short-term loan of $400 million from Lampert’s ESL Partners LP in September.

Last week, the company announced that Sears Canada CEO Douglas Campbell would resign by the end of 2014 after only a year in the position.

The Goodyear Tire & Rubber Company has named Ryan Waldron as president of the company's Americas business unit, reporting to Chief Executive Officer and President Mark Stewart. He succeeds Steven R. McClellan, who retired on April 1.

"At Goodyear, our customers are at the center of everything we do, and in Ryan Waldron, we have a customer-centric, execution-focused business leader with a deep understanding of both the marketplace and all aspects of our business, as well as a proven track record of delivering results," Stewart said. "I am thrilled to announce him as president of Goodyear's Americas business and have enormous confidence that under his leadership, both the company and our customers will reach even greater levels of success."