British Retailer Sears to Restructure

British retailer Sears has announced the breakup of its corporate empire, including the spinoff of upscale department store Selfridges, to try to improve returns for its long-suffering shareholders. The retailer, hit by long-running problems from its shoe business, also announced the departure of its beleaguered chief executive, Liam Strong. Strong had come under attack for failing to turn around the group’s performance after five years in the job. Sears unveiled the long-awaited shake-up as it announced 1996 annual results. The restructuring of Sears aims to ditch its money-losing British Shoe Corp., leaving women’s and children’s wear chains plus Selfridges, its star earner.