Sears Holdings Corp. plans to spin off its Lands’ End Inc. unit, giving investors a piece of a profitable clothing brand amid almost nine years of market- lagging returns for the department-store chain’s shares.
Edward Lampert, the investor who for the past eight years has tried to turn around Sears Holdings Corp., cut his stake in the retailer below 50 percent to meet redemption requests from his hedge-fund clients.
U.S. stocks fell a fourth day, the longest slump in 10 weeks for the Standard & Poor’s 500 Index, as investors weighed economic data for clues on the timing of Federal Reserve stimulus cuts amid optimism over a budget deal.
Sears Holdings Corp. posted a wider third-quarter loss as Chief Executive Officer Edward Lampert works to sell more of the department-store chain’s assets to drum up cash amid a six-year sales decline.
Eddie Lampert, who has been slicing off pieces of his Sears Holdings Corp. for years, is poised to break off even bigger chunks of the business as he seeks to generate cash to revive the ailing retailer.
Monsanto Co. and DuPont Co., among the biggest makers of bioengineered crop seeds, are persuading Washington state voters to change their minds about a proposal to require labels on genetically modified food.