Retailer Sears Holdings Corporation said it intends to pursue alternatives for the separation of the company's Orchard Supply Hardware business, which could include a sale of the business or initial public offering. Orchard Supply Hardware is a chain of 82 hardware and garden retail stores located throughout California, U.S.
"Sears Holdings is focusing its management attention and capital on the opportunities in our core business presented by the merger of Sears and Kmart," Alan J. Lacy, vice chairman and CEO of Sears Holdings Corporation, said in a statement. "While we continue to believe in Orchard's business model and growth strategy, we are pursuing alternatives to provide Orchard Supply Hardware with the capital to grow its store base, while at the same time providing appropriate value to Sears Holdings."
Citigroup Global Markets Inc. and Lehman Brothers Inc. are acting as financial advisors to Sears Holdings Corporation.
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