Sears Holdings Corporation (NASDAQ: SHLD) (“Sears Holdings”) today announced that it completed its previously announced spin-off of a portion of its interest in Sears Canada Inc. (TSX: SCC) (“Sears Canada”). Sears Holdings distributed 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. Following the partial spin-off, Sears Holdings has an approximately 51% ownership interest in Sears Canada.
The partial spin-off was effective at 11:59 p.m. EST on November 13, 2012. At that time Sears Holdings’ stockholders received 0.4283 Sears Canada common shares for every share of Sears Holdings common stock held as of the close of business on November 1, 2012, the record date for the spin-off. The distribution is taxable to Sears Holdings’ stockholders for Canadian and U.S. federal income tax purposes.
Sears Holdings will continue to be listed on the NASDAQ Global Select Market under the symbol “SHLD,” and Sears Canada will continue to be listed on the Toronto Stock Exchange under the symbol “SCC”.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or country in which such offer, solicitation or sale would be unlawful.