Here are this week’s news briefs for Sears Holdings (NASDAQ:SHLD). Sears Holdings (NASDAQ:SHLD) stocks ended the week at 69.51 (as of 6/24/2011).
Sears Holdings (NASDAQ:SHLD) has plans to move its headquarters to Washington.
According to a report that appeared on Capital Business, Sears Holdings (NASDAQ:SHLD) Corp. the owner of the Sears and Kmart retail chains, has chosen the Washington area as the place where its headquarters will soon be moved.
Sears Holdings (NASDAQ:SHLD) has begun inquiries about probable locations in the Washington area.
Kimberly Freely, spokeswoman for Sears Holdings (NASDAQ:SHLD) in a statement said, “The company would not discuss a possible relocation. Speculation about whether Sears will remain in Hoffman Estates is not fair to our associates, particularly so early in this process.”
Sears Holdings (NASDAQ:SHLD) has decided to spin off its Orchard Supply Hardware stores.
The company said in an official statement that that it plans to spin off its Orchard Supply Hardware Stores Corp. business as a separate, freely operated company.
Sears Holdings (NASDAQ:SHLD) is likely to own 80 percent of Orchard and has valued the Orchard IPO at $82 million when calculating the registration fee.
The IPO process will take three or four months, making Orchard likely to go public in September or October.
The department store retailer said that it believes the chain, which runs 89 stores in California, will generate more value for shareholders as a standalone company.
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