NEW YORK (AP) — THE SPLIT: Sears is moving forward on plans to spin off its Hometown and Outlet stores as well as some hardware stores into a separate publicly traded company. Sears announced in February that it was looking at the spinoff. The new company will be listed on the Nasdaq under the "SHOS" ticker symbol.
FOR SEARS: Sears said in a regulatory filing that it expects to raise $346.5 million with the spin-off of the Hometown, Outlet and hardware stores. It previously said that it expected the deal to raise between $400 million and $500 million. A cash dividend of $100 million is also expected to be paid to Sears.
ON THE BLOCK: There are a total of 1,238 Hometown, Outlet and hardware stores as of April 28.