31 May 2012, Sears Holdings announced that it will sell off a portion of its Sears Canada operations.  Currently Sears Holdings controls 95% of Sears Canada.

Sears Holdings said it “…will retain approximately 51% of the issued and outstanding common shares of Sears Canada.”  So they are willing to let go of 49% control of Sears Canada in order to raise cash, however, Sears Holdings states they reserve “…the right not to complete the spin-off …”.