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Sears Holdings' board approves Lands' End spin off

RBR Staff Writer Published 17 March 2014

American multinational retailer Sears Holdings' board has approved the spin off of its Lands' End clothing business on 4 April.

The deal, which was announced in December, will make Lands' End an independent, publicly traded company and will be listed under the symbol LE on the Nasdaq stock exchange.

Lands' End an American clothing retailer based in Dodgeville, Wisconsin, sells casual clothing, accessories, footwear, and home products online, through catalogs and stores.

The retailer operates more than a dozen retail operations, primarily in the Upper Midwest, along with international shops in the UK, Germany, Japan, France, and Austria.

Lands' End is the latest asset that Sears is divesting, as the struggling retailer is trying to cut down cost due to mounting operating losses and declining sales.

Sears Holdings is an integrated retailer with almost 2,500 full-line and specialty retail stores in the US and Canada.