Sears completes Lands' End spinoff
Sears Holdings (NASDAQ: SHLD) has completed the spin-off of Lands' End. The specialty apparel company has now been separated from Sears Holdings and its common stock is expected to begin regular-way trading on the Nasdaq Capital Market under the symbol "LE" on April 7.
Lands' End was publicly traded before Sears purchased it in 2002 for nearly $2 billion. Sears hasn't had much success with it though, and announced in December that it was going to spin off the clothing business as a separate company by distributing stock to its shareholders. It closed on the spinoff on Friday. Story