HOFFMAN ESTATES, Ill. —-- Sears Holdings has successfully separated out its Sears Hometown and Outlet Sores businesses.
Sears Hometown will be its own company, trading on the Nasdaq Capital Market under the symbol "SHOS". Sears Holdings will continue to be listed on the Nasdaq Global Select Market under the symbol "SHLD." Sears Holdings received aggregate gross proceeds from the separation transactions of $446.5 million, consisting of a cash dividend of $100 million paid by Sears Hometown prior to the separation and aggregate gross proceeds from the rights offering of $346.5 million.
As previously announced, the rights offering was fully subscribed, with over 95% of the outstanding shares of common stock of Sears Hometown being subscribed for pursuant to the exercise of basic subscription rights and the balance being subscribed for pursuant to the over-subscription privilege.&n