Sears Hometown and Outlet Stores Inc. is set to begin trading on the Nasdaq Capital Market after Sears Holdings Corp. completed a spin-off transaction of the home appliances, hardware, tools and garden equipment retailer.
Sears Holdings Corp., which in February announced it would spin off its Hometown and Outlet businesses as a separate publicly traded entity, said it expects to receive about $446.5 million in gross proceeds from an offering tied to the spinoffs.
A report released Monday by the Associated Press said that Sears Holdings Corp. would be spinning off its Hometown and Outlet stores, along with some hardware stores, into a separate, publicly traded company.
Sears Holdings Corp. revealed in a filing with the Securities and Exchange Commission that the previously announced spinoff of its Sears’s Outlet and Sears’s Hometown and Hardware stores will now combine the two chains into one separate company.
General merchandise retailers Shopko Stores and Pamida announced the completion of their previously announced merger that will create a $3 billion company that serves largely rural communities in 22 states.