Shares of Sears Holdings (SHLD) are getting dumped today, cratering over 20 percent as the retailer continues to liquidate itself.
On Friday, CEO Eddie Lampert completed the spin-off of Lands’ End shares, one of the struggling company’s rare bright spots, to existing Sears shareholders. According to the Wall Street Journal, in the past two years or so, Lampert has distributed assets and divisions valued at roughly $2.3 billion.
“Sears is getting rid of all the good stuff and leaving bondholders with the underperforming assets,” Mary Gilbert, an analyst with Imperial Capital LLC, a boutique investment bank, told the Journal. They include Sears Hometown and Outlet Stores Inc (SHOS) and a stake in Sears Canada Inc., in addition to Lands’ End.
The retailer is also closing its flagship Chicago store on State Street. Sears first opened the store in 2001.
Shares of Sears are currently down $9.89, or almost 19%, to $40.56, extending their 2014 losses to 17.75%. The shares closed at $50.21 on Friday.