Sears to Spin Off Interest in Hardware Chain
Posted on June 24, 2011 by
HOFFMAN ESTATES, Ill.-Sears Holdings said Orchard Supply Hardware Stores, in which it holds an interest, has filed a registration statement with the U.S. Securities and Exchange Commission in connection with Sears Holdings' plan to spin off that interest.
Orchard Supply operates 89 full-service hardware stores in California. According to a Sears Holdings' statement, the spinoff will result in certain shareholders (unnamed in the statement and the filing) owning all of the capital stock that Sears Holdings owns immediately prior to the spinoff. This will consist of common stock that will represent about 80 percent of the voting power of Orchard Supply's outstanding capital stock and preferred stock, and 100 percent of Orchard Supply's outstanding non-voting capital stock.
No date was given in the statement as to when the spinoff might be finalized.