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Clothing Retailer Lands End To Split From Sears

DAVID GREENE, HOST:

NPR's business news begins with a split for Lands' End.

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GREENE: Lands' End, the outdoor clothing retailer, will spin off from Sears Holdings Corp. next month and operate as a stand-alone, publicly traded company.

In its amended filing with the Securities and Exchange Commission, Lands' End says stakeholders in Sears will each receive about three-tenths of a share of Lands' End common stock. Sears sales have declined since it combined with K-Mart in 2005. And Lands' End, one of its more profitable holdings, is the most recent of its assets to be spun off. Lands' End will pay Sears a cash dividend of $500 million before the spinoff.

The mostly online and catalog retailer will trade on the NASDAQ under the symbol LE, beginning on April 7th. Transcript provided by NPR, Copyright NPR.

David Greene is an award-winning journalist and New York Times best-selling author. He is a host of NPR's Morning Edition, the most listened-to radio news program in the United States, and also of NPR's popular morning news podcast, Up First.