Sears is proceeding with its plan to spin off its Hometown and Outlet stores and some hardware stores into a separate public company, according to published reports.
Sears expects to raise $346.5 million from the spinoff, according to published reports citing Sears’ filing with the SEC.
ESL Investments, Inc., controlled by Sears Chairman Edward, will own a majority stake in the spinoff, according to reports.
Sears owned 1,238 Hometown, Outlet and hardware stores as of April 28. The retailer previously closed several Hometown and hardware stores, as well as an Outlet store.