Struggling Sears to spin off Lands’ End clothing label

(Reuters) – Eddie Lampert-controlled Sears Holdings Corp (SHLD) said it would spin off its Lands’ End clothing business, adding to the assets the company is shedding as it struggles with mounting operating losses and declining sales. The company, operator of Sears department stores and the Kmart discount chain, has been selling or spinning off assets and closing stores for the past few years to try to turn around its business. Sales have been dropping since Lampert combined Sears and Kmart in an $11 billion deal in 2005. The spinoff will not raise cash for Sears but will allow Lampert to more efficiently chart a course for the two businesses, which compete for management time and capital within the Sears group.


    

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