In an effort to raise as much as $380 million dollars, U.S. retailer Sears Holding Corp. will sell the majority of its stake in Sears Canada. The sale is expected to go through before the busy holiday shopping season.
Sears Holding Corp. has reportedly had difficulty finding an interested buyer in its Canadian division.
Just under a year ago Sears Canada issued a special payment to shareholders following the selling off of assets, with Sears Holding making about $230 million out of the deal.
Some investors have said that the problem faced by both Canadian and US sides of the brand are the same: increasing irrelevance in the mind of consumers, and looking outdated compared to newcomer Target.