Sears to Spin Off Orchard Supply Hardware in $82 Million IPO
Автор: FinancialNewsOnline
Загружено: 2011-06-24
Просмотров: 681
Описание:
Sears Holdings Corporation (NASDAQ:SHLD) announced today that it will spin off its Orchard Supply Hardware Store chain in a filing submitted to the SEC.
The company expects to raise up to $82 million in its IPO, and will trade on the Nasdaq exchange under the symbol OSHS.
Sears purchased the company, which began as a cooperative between orchardists in the 1930s selling picking pails and ladders, in 1996. The chain now operates 89 stores, all in California.
Neither Sears nor Orchard Supply commented on the planned IPO.
Sears Holdings should find initial resistance at its 50-day moving average (MA) of $74.98 and further resistance at its 200-day MA of $74.99.
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