Sears set to spin off Orchard Supply stock on Friday

Stock in Orchard Supply Hardware Corp.    will be distributed on Friday to Sears Holdings Corp.    shareholders as the venerable chain becomes independent once more.

Regular trading will begin Tuesday in the Class A common stock and Series A preferred stock shares of Orchard, an 89-store retail hardware chain based in San Jose, which will be on the Nasdaq stock market under the “OSH” ticker symbol.

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(as reported by Silicon Valley Business Journal)

Sears Holdings drills into Costco clubs with Craftsman tool offerings, hopes to tap new customers

Sears Holdings Corp. has agreed to sell its Craftsman tool line through Costco clubs nationwide, marking the Hoffman Estates-based retailer’s boldest step yet in distributing exclusive in-house brands outside its namesake stores.

Craftsman hand tools, power tools and tool storage units will start appearing on Costco shelves as early as Saturday, Sears told the Chicago Tribune in an interview Tuesday. The Craftsman tools are slated to roll out to all of Costco Wholesale Corp.‘s roughly 430 U.S. stores this year, with the assortment varying by location.  Read the rest of the article

(As reported in the Chicago Tribune Business section)

Sears spins off Orchard Supply

Sears Holdings Corp. said Thursday that it plans to spin off its Orchard Supply Hardware Stores Corp. business as a separate, publicly traded company.

The department store retailer said in a filing with the Securities and Exchange Commission on Thursday that it believes the chain, which runs 89 stores in California, will generate more value for shareholders as a standalone company. Sears shareholders will own 80 percent of Orchard, and the remaining 20 percent will be held by Ares Management LLC. ESL Investments, the Edward Lampert-run fund that also is Sears’ majority shareholder, will be Orchard’s biggest owner.

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Sears Holdings third quarter disappoints

Sears Holdings sales dropped for a second consecutive year finishing the third quarter at a net loss of $218 million. Bruce Johnson, interim chief executive officer and president, cited lower sales of apparel and appliances as the main reason for the company’s revenue slide…Read More