Sears to spin off Orchard Hardware

Sears Holdings Corp. said Thursday that it has filed with the U.S. Securities and Exchange Commission to spin off its interest in Supply Hardware Stores Corp., which operates 89 full-service hardware stores in California.

The filing indicates it could trade on Nasdaq. The spinoff will result in Sears shareholders owning all of the capital stock of Orchard that is owned by Sears, which will consist of common stock. The spinoff is subject to final approval by the Sears board of directors. The stores started in 1931 and now sell the Craftsman brand of tools, among other name-brand products.