Sears plans spinoff more than 1,230 Hometown, Outlet, and hardware stores in a public offering designed to unlock the value that management and chairman Eddie Lampert believe is hidden in the retail giant that owns Kmart and Sears stores. Further asset dispositions, including real estate sales and a portion of the company’s Sears Canada division, are not only possible but likely, especially if this first spinoff lives up to expectations.
The Hometown and Outlet stores spinoff will trade on the Nasdaq under the ticker symbol “SHOS”.
Shares of Sears closed up 7.7% today at $60.90 in a 52-week range of $28.89 to $85.90. The after-hours market has not been so kind, however. Shares are down about 4.3% in after-hours trading at $58.26.
Paul Ausick
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