HOFFMAN ESTATES -- Sears Holdings' board of directors approved the spinoff of a portion of its interest in Sears Canada Inc.
Sears Holdings, which currently owns approximately 95.5 percent of Sears Canada, will distribute approximately 44.5 percent of the total issued and outstanding common shares of Sears Canada on a pro rata basis to holders of Sears Holdings common stock, with the company retaining 51 percent of shares.
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The distribution will be made on Nov. 13 to Sears Holdings' stockholders of record as of the close of business on November 1, the record date for the partial spinoff.
Both Sears Holdings and Sears Canada will maintain their current standings in their respective U.S. and Canadian markets.
The partial spinoff is subject to the satisfaction or waiver of a number of conditions described in Sears Canada's registration statement.