Sears to Spin Off Part of Canadian Unit

Sears Canada announced today that Sears Holdings Corporation, which holds approximately 95 percent of Sears Canada's common shares, has advised it that Sears Holdings’ board of directors has approved plans to pursue a distribution of a portion of its holdings in Sears Canada such that, immediately following the spin-off, Sears Holdings would retain approximately 51 percent of the issued and outstanding shares of Sears Canada. Sears Holdings has indicated that subsequent to the spin-off, it may sell, hold or distribute to holders of Sears Holdings’ common stock any portion of its remaining interest in Sears Canada.