Sears plans to spin off big piece of Canada stake

Sears Holdings Corp said on Thursday it plans to spin off a large part of its stake in its Canada unit, which Chairman Edward Lampert spent years trying to gain control of, to better focus on its U.S. business. Separately, Sears Holdings reported a first-quarter adjusted operating loss that came in better than analysts' estimates but revenues fell from a year ago. Sears Holdings owns about 95 percent of Sears Canada and would still hold about 51 percent after the spinoff, which it expects to

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