Sears Holdings Corp. (SHLD) announced that Sears Canada Inc. (SCC.TO), has filed a Registration Statement on Form 20-F with the U.S. Securities and Exchange Commission in connection with Holdings' previously announced plan to spin-off a portion of its interest in Sears Canada.
Sears Holdings, which currently owns approximately 95% of the issued and outstanding common shares of Sears Canada, expects to distribute common shares of Sears Canada held by Holdings on a pro rata basis to holders of Holdings' common stock such that following the spin-off, Holdings will retain approximately 51% of the issued and outstanding common shares of Sears Canada.
Following the spin-off, Sears Canada will continue to be listed on the Toronto Stock Exchange, the company said.
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