Sears Holdings Completes Spinoff of Hometown, Outlet Stores
[Friday, October 12, 2012] Sears Holdings Corporation has announced that its rights offering to effect the separation of Sears Hometown and Outlet Stores, Inc. ("Sears Hometown") from Sears Holdings closed on October 11, 2012, as previously announced. Sears Hometown has now been separated from Sears Holdings and its common stock is expected to begin trading on the Nasdaq Capital Market under the symbol "SHOS" on October 12, 2012. Sears Holdings will continue to be listed on the Nasdaq Global Select Market under the symbol "SHLD."
Sears Holdings received aggregate gross proceeds from the separation transactions of $446.5 million, consisting of a cash dividend of $100 million paid by Sears Hometown prior to the separation and aggregate gross proceeds from the rights offering of $346.5 million.
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