Sears announced that it was moving toward a spin-off of its Lands’ End clothing business, instead looking for a buyer. The company also indicated that it is reviewing the future of Sears Auto Center, with an eye toward selling or separating the unit.
Facing declining sales, Sears has recently been selling some of its top-performing stores in a bid to raise cash and reduce expenses.
Sears operates about 2,500 stores across North America. Over the past decade, it has lost significant ground in appliance sales — which it once dominated — to big box home improvement chains.
The retailer purchased Lands’ End, a popular mail-order apparel business, in 2002 for about $2 billion.