Sears is cutting its stake in its Canadian unit. The cash-strapped retailer says it will raise up to $380 million by selling a large portion of Sears Canada, ahead of the crucial holiday season. The move comes after a year-long attempt to find an outside buyer for the unit. The $380 million target is about half of what the company had previously said it was worth. Shares popped about 7.5 percent to $27.06.
Shares of Wayfair surged in the company’s trading debut on the New York Stock Exchange. The online home goods retailer offered 11 million of its shares at $29 a piece, which is well above the expected range. The company will take in almost $320 million dollars from the sale. Shares closed 30 percent higher at $37.72.
The founders of GoPro announced that they are breaking a lock up on their shares of the company, to set up a new charity and investors weren’t thrilled about it. JP Morgan, which managed the company’s June IPO, agreed to release the founders from a restriction that prevents insiders from selling shares within a certain time frame after the firm’s trading debut.
Real D, a company that supplies 3D technology to cinemas, received a takeover bid from Starboard Value. The activist investor offered $12 a share. Real D says it’s reviewing the offer. Shares rose 27 percent to $11.78.