The deal, which was announced in December, will
make Lands' End an independent, publicly traded company on the
Nasdaq stock exchange under the symbol LE.
Lands' End sells casual clothing, accessories, footwear, and
home products online, through catalogs and in stores.
Sears stockholders on record as of March 24 will receive about
0.3 shares of Lands' End common stock for each share of Sears
Lands' End is the latest asset that Sears has shed as it
struggles with mounting operating losses and declining sales
Sears spun off its Orchard Supply Hardware Stores unit in 2011
and its Sears Hometown and Outlet business in 2012. The company
continues to operate its Sears department stores and the Kmart
Lands' End will pay a $500 million dividend to Sears before the
spin-off financed by a new senior secured term loan. Lands' End
may also borrow up to $175 million for working capital through
an asset-based senior secured revolving credit facility, Sears
(Reporting by Mridhula Raghavan in
Bangalore; editing by Lisa Shumaker)
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