Sears Holdings Approves Partial Spin-Off of Its Interest in Sears Canada

Sears Holdings Corporation SHLDtoday announced that its board of directors approved the previously announced spin-off of a portion of its interest in Sears Canada. Sears Holdings, which currently owns approximately 95.5% of the issued and outstanding common shares of Sears Canada, will distribute approximately 44.5% of the total issued and outstanding common shares of Sears Canada on a pro rata basis to holders of Sears Holdings common stock such that Sears Holdings will retain an ownership interest of approximately 51% in Sears Canada. The distribution will be made on November 13, 2012 to Sears Holdings' stockholders of record as of the close of business on November 1, 2012, the record date for the partial spin-off.  Every share of Sears Holdings common stock held as of the close of business on the record date will entitle the holder to a distribution of 0.4283 Sears Canada common shares.  Fractional Sears Canada common shares will not be distributed.  Instead, the distribution agent will aggregate fractional shares into whole shares, sell such whole shares in the open market See full press release