Sears Holdings cashing in another asset
December 6, 2013,
Hoffman Estates, Ill. - In a move that had long been expected, Sears Holdings announced it plans to spin off its Lands' End business, which generated about $1.6 billion in 2012 sales.
Sears Holdings has been steadily shedding assets to raise cash. Two months ago, the company unloaded some of its Canadian real estate, last year it spun off the Sears Hometown and Outlet stores and in 2011 it did the same with Orchard Supply Hardware Stores.
Sears acquired Lands' End in 2002 and began integrating some Lands' End apparel and soft home merchandise into its Sears stores shortly thereafter. However, Lands' End always maintained its own ecommerce and catalog presence. The brand celebrated its 50th anniversary this year.