Sears plans to divest its two fascias, Sears Hometown and Sears Outlet, along with a number of hardware outlets. The creation of this new company will allow these two banners to focus on strategies that best meet the needs of smaller stores. The division will also boost Sears’ liquid assets with the expectation of raising approximately $400m to $500m $400m (£252m) to $500m (£316m) through the sale. Shareholders will be able to choose whether they wish to hold a stake in both companies or in one alone. Terms for the offering have not been announced and the offering is expected to close in the second half of 2012.