NEW YORK (AP) — Lands' End will start trading as a separate public company on Monday after spinning off from Sears.
Sears Holding Corp. announced in December that it was going to spin off the clothing business as a separate company by distributing stock to its shareholders.
The move by Sears has been viewed as a way to unlock value for investors as the retailer's core business struggles after years of sales declines.
Sears has spun off other businesses over the past three years, including its Hometown and Sears Outlet stores and its Orchard Supply Hardware Stores, to raise cash. It has also said it is considering separating its auto center business.
Lands' End began in 1963 as a sailboat hardware and equipment catalog. Sears bought it in 2002.