Sears intends to spin off Lands' End

HOFFMAN ESTATES, Ill., Dec. 6 (UPI) -- U.S. retailer Sears Holding Corp. said in a regulatory filing Friday that it would move to spin off its Lands' End clothing and home furnishing retail chain.

The company made the intention to spin off the Lands' End stores in a filing with the Securities and Exchange Commission, but the company's board still has to approve the move, the Wall Street Journal reported.

Earlier this year, Sears said it was also considering a spinoff of its automobile centers.

As opposed to a sale, a spinoff does not provide cash for the company. But it does allow stock of one brand, such as Lands' End, to reach its potential without being tied to the company as a whole.

The overall effort has been to have Sears concentrate its focus on its own retail business, which is down by 300 stores since 2010.

The company, which is controlled by its largest shareholder, billionaire investor Edward Lampert, reported escalating losses in the three month fiscal quarter ending Nov. 2.

Sears said it lost $534 million in the quarter, up from a $498 million loss in the same quarter of 2012.