Sears to spin off Lands' End business

Fri Dec 6, 2013 6:47am EST
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Dec 6 (Reuters) - Struggling U.S. retailer Sears Holdings Corp, led by hedge fund manager Edward Lampert, said it would spin off its Lands' End clothing business.

The spinoff will be through a prorata distribution of Lands' End shares to shareholders, Sears said in a regulatory filing on Friday.

The operator of Sears department stores and the Kmart discount chain is trying to turn around its business after suffering from declining sales since 2005.