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From Times Staff and Wire Reports
Sears to Spin Off Rest of Dean Witter: The retailer said its board approved spinning off the remaining 80% interest in Dean Witter, Discover & Co. to shareholders on June 30. The spinoff will distribute 136,175,000 shares of Dean Witter Discover through a special dividend. Sears, Roebuck & Co. sold the other 20% of its brokerage and credit card subsidiary in a $905.9-million initial stock offering in February and March. Investors will get about four-tenths of a Dean Witter share for each Sears share they own.
