From Tire Review
Struggling Sears Holdings Corp. is considering plans to spin off its U.S. Sears Auto Center businesses from the rest of the company, while its Canadian arm is poised to sell five large urban locations in a deal worth $384 million.
In addition to possibly spinning off its Sear Auto Centers business, Sears Holding is considering a similar move for its Land’s End operations.
Reports say that Sears is repositioning Sears Auto Center business around services other than tires and is “evaluating strategic options for the business.”
Sears Canada is selling five store leases to Cadillac Fairview Corp., including its Toronto Eaton Centre property. The deal is expected to close in the next 10 business days. Including this deal, over the past 18 months, Sears Canada has dumped 12 retail locations. The previous seven-store closing resulted in gains of some $400 million.
