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Sears Holdings Corp. says it will spin off its Lands' End clothing business as a separate company.
The retailer plans to distribute shares in Lands' End to its current shareholders.
Sears has spun off other businesses, including its Hometown and Sears Outlet stores, to raise cash.
Sears Chairman Edward Lampert disclosed recently that his stake in the company has been reduced to less than 50 percent as investors pulled money out of his hedge fund.
Sears and the company's Kmart chain have struggled as rivals have lured away customers over the years.
Sears said earlier this fall that it was considering separating the Lands' End and Sears Auto Center businesses from the rest of the company. It did not mention Sears Auto Center in Friday's announcement.