Sears board approves spin-off of Orchard Supply Hardware

New York City -- The board of Sears Holdings Corp has approved the spinoff of Sears’ Orchard Supply Hardware Stores Corp.



Sears announced its intention to spin off the 89-store hardware store chain in June, saying both companies could better focus on their goals as separate firms.



Under the spinoff, Sears shareholders as of Dec. 16 will receive Orchard stock, which will list on the Nasdaq under the ticker "OSH." The shareholders will end up with about 80% of the hardware chain’s common stock, according to a regulatory filing.