Sears Holdings Corp. plans to spin off its Lands’ End Inc. unit, giving investors a piece of a profitable clothing brand amid almost nine years of market- lagging returns for the department-store chain’s shares.

The distribution is subject to the approval of the board and other conditions, Hoffman Estates, Illinois-based Sears said today in a statement. The unit’s registration filed with the Securities and Exchange Commission today didn’t say how many Lands’ End shares Sears investors would receive.

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