Sears' Spin: Orchard Supply

Sears Holdings Corp. intends to spin off its Orchard Supply Hardware home improvement unit as a separate publicly traded company via an initial public offering. Orchard Supply Hardware is a San Jose-based chain that operates 89 stores, all of them in California. OSH reported a profit of $8.7 million on $660.7 million in revenue in fiscal 2010. Sears valued the IPO at $82 million, but did not name a target share price, but expected the IPO launch in the fall.