Sears Board Greenlights Lands' End Spinoff

Law360, New York (March 17, 2014, 11:16 AM EDT) -- Sears Holdings Corp.'s board of directors said Friday it approved plans to spin off its Lands' End Inc. business on April 4, highlighting the company's efforts to refocus spending on its namesake stores and those operating under the Kmart banner.

Under the terms of the spinoff, Sears Holdings will distribute outstanding shares of Lands' End common stock on a pro rata basis to its common shareholders of record as of March 24, while investors with restricted stock that is unvested will receive cash instead of shares,...
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