Sears Spinning Off Orchard Supply Hardware Stores
Jun 24, 2011, 11:59 AM
Sears says it is spinning off its Orchard Supply Hardware Stores, which operates 89 stores in California, as its own publicly traded company. The Hoffman Estates, Ill.-based retailer has valued the chain at $82 million, reports Chain Store Age: "Orchard generated a profit of $8.7 million and $661 million in revenue in fiscal 2010, but its revenue has dropped for several consecutive years and its profit picture has been erratic," it says. Sears has not yet set a date or target price.