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.