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Sears to partly spin off Canada business

from The Globe and Mail

Sears Holdings Corp. plans to spin off a large part of its stake in Sears Canada Inc., a move that will ratchet up the pressure on the Canadian division to turn around its performance as a slew of U.S. rivals set up shop in Canada. In an unexpected move, U.S. parent Sears Holdings Corp. said that it plans to reduce its stake in the Canadian unit to about 51 percent from 95 percent, and could further lower it after the spinoff. more

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