Sears shares are getting engulfed by a figurative New Jersey brushfire this morning as the company continues to liquidate itself.
On Friday, CEO Eddie Lampert spun off Lands End shares to existing Sears shareholders. In the past three years or so, Lampert has sliced off $US2.3 billion in assets.
Shares are down 19% to $US40.94.
“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 WSJ’s Suzanne Kapner.
The retailer is also closing its flagship Chicago store.
Check out the Sears price chart for this morning: