Sears to sell portion of Sears Canada stake

Struggling Sears Holdings Corp. said it would raise up to $380 million by selling most of its stake in Sears Canada Inc. through a rights issue, generating liquidity ahead of the crucial holiday shopping season.

According to Reuters, Sears will sell 40 million shares of its Canada unit, leaving the company with a 12 percent stake.

Shareholders of Sears Holdings will have the right to buy one share of Sears Canada for each share held, at a price of C$10.60 per share.

Read more from Reuters.