Breaking News Bar
updated: 10/12/2012 12:22 PM

Sears' Hometown spinoff edges lower in debut

hello
Success - Article sent! close
 
Associated Press

NEW YORK -- Shares of Sears Holdings Corp.'s spinoff of its Hometown and Outlet Stores are declining on its debut trading day.

The Hoffman Estates-based company, which runs Kmart and Sears stores, had signaled in February that it would split off Sears Hometown and Outlet Stores Inc. as a separate publicly traded entity.

Order Reprint Print Article
 
Interested in reusing this article?
Custom reprints are a powerful and strategic way to share your article with customers, employees and prospects.
The YGS Group provides digital and printed reprint services for Daily Herald. Complete the form to the right and a reprint consultant will contact you to discuss how you can reuse this article.
Need more information about reprints? Visit our Reprints Section for more details.

Contact information ( * required )

Success - request sent close

The parent company received $446.5 million in gross proceeds. This included a cash dividend of $100 million paid by Sears Hometown before the spinoff and $346.5 million in proceeds from a rights offering.

Sears Holdings' Sears Hometown, which is trading on the Nasdaq on Friday under the "SHOS" ticker symbol, slipped 32 cents, or more than 1 percent, to $30.68 by midday.

Sears Holdings will continue to trade on the Nasdaq under the "SHLD" ticker symbol. Shares of Sears were down 70 cents, or a little over 1 percent, to $60.22.

After the spinoff, Sears Holding has more than 2,600 stores in the U.S. and Canada.

Share this page
Comments ()
Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked. If a comment violates these standards or our terms of service, click the X in the upper right corner of the comment box. To find our more, read our FAQ.