Sears Approves Separation from Orchard Supply Hardware Stores

Hoffman Estates, Ill.-based Sears Holdings Corp.'s board of directors has approved the spinoff of its Orchard Supply Hardware Stores Corp., allowing the retailer to push forward on plans unveiled earlier this year, according to www.wsj.com. In June 2011, Sears revealed plans to spin off the hardware store operator, reportedly commenting that both companies could better focus on their goals as separate firms. As a result of the spinoff, Sears' shareholders will receive one share of Orchard Class A common stock and one share of preferred stock for every 22.14 shares they hold of Sears. After the separation, Orchard expects