Sears Holdings Corp. said Tuesday that it would likely pursue a spinoff of Lands' End and not a sale. The company said it has already started repositioning Sears Auto Center around services other than tires and is evaluating strategic options for the business.
Sears anticipates closing unprofitable stores, including those locations whose leases are expiring soon.
The Hoffman Estates, Ill. company also announced that its third-quarter sales at stores open at least a year fell 3.7 percent. It expects to report its quarterly financial results on Nov. 21.
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