Most Active Stories
- Forest Service at LBL Cancels Controversial Pisgah Bay Project As Proposed
- Murray Police Respond to WATCH Center; 1 Man Dead from Believed Self-Inflicted Gun Shot
- Kentucky Legislators Grill Cabinet Officials for Not Disclosing Fraud-Comitting WIC Vendors
- Rand Paul Is Skipping Fancy Farm and Why That Matters
- UK Officials Propose $16 Million Dollar Expansion at Princeton Research Center
Mon March 17, 2014
Clothing Retailer Lands End To Split From Sears
Originally published on Mon March 17, 2014 10:59 am
DAVID GREENE, HOST:
NPR's business news begins with a split for Lands' End.
(SOUNDBITE OF MUSIC)
GREENE: Lands' End, the outdoor clothing retailer, will spin off from Sears Holdings Corporation next month and operate as a standalone, publicly traded company.
In its amended filing with the Securities and Exchange Commission, Lands' End said stakeholders and Sears will receive about .3 shares of Lands' End Common Stock. Sears sales have declined since it combined with K-Mart in 2005. And Lands' End, one of its more profitable holdings, is the most recent of the assets to be spun off. Lands' End will pay Sears a cash dividend of $500 million before the spinoff.
But mostly online and catalog retailer will trade on the NASDAQ under the symbol, LE beginning on April 7th. Transcript provided by NPR, Copyright NPR.