Sears, Roebuck & Co.

Lands' End will be back on its own as a publicly traded company following a formal announcement by parent company Sears Holdings to spin off the well-known apparel brand.

The move follows years of speculation that Sears would divest the brand, which it acquired in May 2002 for $62 a share. At the time, Lands' End was a publicly traded company with revenues of nearly $1.6 billion, profits of $67 million and earnings per share of $2.23. The $62 a share Sears paid 12 years ago represented a 21.5% premium over the closing pricing of $51.02 prior to the announcement of the deal.

New York -- Sears Holdings Corp. said its board has approved the spin on of its Lands’ End business, effective April 4, according to a filing with the U.S. Securities and Exchange Commission.
 
The agreement, which was announced in December, will make Lands' End an independent company that will trade on the Nasdaq under the symbol “LE.”

Sears stockholders on record as of March 24 will receive about 0.3 shares of Lands' End common stock for each share of Sears they own.

BRENTWOOD, Tenn. -- Tractor Supply Co., the largest rural lifestyle retail store chain in the United States, announced that Robert D. Mills has joined the company as senior VP and CIO, succeeding James Callison, who is retiring. As part of the succession plan, Callison will stay with Tractor Supply until a smooth transition is completed.

Tractor Supply Company has named former Ulta Beauty executive Robert D. Mills as SVP and chief information officer, succeeding James Callison. Mills will also serve on the company’s executive committee.

Callison, who informed the company last year about his plans to retire, will remain on-board for an undisclosed amount of time while the transition is completed.

Hoffman Estates, Ill. -- Sears Holdings Corp. on Friday acknowledged that it is reviewing its systems to see if it has been the victim of a security breach. To date, it hasn’t found any indication of a breach, the retailer said.

Sears issued a statement after Bloomberg News reported on Friday that the U.S. Secret Service was investigating a possible breach at Sears. The report cited a person familiar with the investigation.

Sears Holdings late Friday issued a statement confirming that the company is investigating whether it was the victim of a security breach.

"There have been rumors and reports throughout the retail industry of security incidents at various retailers and we are actively reviewing our systems to determine if we have been a victim of a breach," read the statement. "We have found no information based on our review of our systems to date indicating a breach."

Hoffman Estates, Ill. - Sears Holdings Corp. narrowed its loss for the fourth quarter as it lowered expenses and reduced inventory.

Sears said Thursday that it lost $358 million for the period ended Feb. 1, compared with a loss of $489 million a year ago.

Sales plunged 14% to $10.6 billion, from $12.3 billion. Sears’ revenue performance was hurt partly by having one less week in the latest quarter and having fewer Sears and Kmart stores, the company said.

As far as sales go, Sears Holdings didn’t have a very happy holiday. But the company was still able to narrow its loss for the fourth quarter, as it lowered expenses and reduced inventory.

The company said the costs of transforming into a member-centric retailer using an integrated online platform and the omnichannel Shop Your Way membership program fueled its net losses. It attributed declining revenues to lower same-store sales and having fewer stores in operation.