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Stock Market & Financial Investment News

News Breaks
March 14, 2014
18:54 EDTSHLDSears board approves separation of Lands' End business
Sears Holdings Corporation announced that its board approved the separation of its Lands' End business by means of a pro-rata spin-off transaction. To effect the spin-off, Sears Holdings will distribute all of the outstanding shares of common stock of Lands' End on a pro rata basis to holders of Sears Holdings common stock, except that holders of Sears Holdings' restricted stock that is unvested as of the record date will receive cash awards in lieu of shares. These cash awards will be subject to vesting requirements. The distribution will be made to Sears Holdings' stockholders of record on March 24, the record date for the distribution. The distribution is expected to occur on April 4. In the distribution, Sears Holdings stockholders will receive 0.300795 shares of Lands' End common stock for each share of Sears Holdings common stock. Following the spin-off, Sears Holdings will continue to be listed under the symbol "SHLD," while Lands' End expects to list its common stock on the Nasdaq Capital Market under the symbol "LE." Following the spin-off, Lands' End will be a publicly traded company independent from Sears Holdings, and Sears Holdings will not retain any Lands' End common stock.
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