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Reuters news service has reported that the shareholders of Sears Holding Corp. will end up with 80% of the common stock in Orchard Supply Hardware stores, following an attempt to spin off the California hardware chain into a separate unit.
According to a regulatory filing, every 22.14 shares of Sears stock will entitle a holder to get one class A share and one preferred share of the new, separate company. Orchard Supply recently renamed itself “Orchard” and embarked on an initiative to remodel its 89 stores, which stretch throughout California.
The new stock will be distributed on Dec. 30. The company said it intends to list its Class A common stock under the symbol 'OSH' on Nasdaq.