Sears to Spinoff Canada Stake - Tire Review Magazine

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_resized

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.

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