Pursuits
Sears Holdings Plans Share Offering for Sears Canada
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Sears Holdings Corp., reeling from nine straight quarterly losses, plans a rights offering of Sears Canada Inc. shares to generate as much as $380 million in cash and decrease its stake in the struggling business.
The board authorized as many as 40 million shares to be offered to existing investors, the Hoffman Estates, Illinois-based company said in a statement today. Sears Holdings investors will receive subscription rights to buy Sears Canada stock at C$10.60 ($9.52) per share, the Sept. 26 closing price.