Eddie Lampert engineered the merger between Sears and Kmart in 2005, and then took the reins at the combined company. As chairman and majority shareholder, he then established a selling-off-assets-for-cash strategy. But even with these spin-offs, Sears is still posting declines.
Sears announced in May 2012 that it will divest nearly half of Sears Canada.
Its Sears Outlet and Hometown Stores will also be spun-off into a separate, publicly-traded company.
Marine Gunnery Sgt Edward Schrank celebrates the grand opening of the new Sears Hometown Store in Rochelle, Ill., with a ribbon-cutting ceremony last year. The retailer will be spinning off the Hometown stores along with the Outlet stores.