The separation will enable Sears Holdings to focus on its core business, and also raise nearly $400 million to $500 million in proceeds. Sears had warned in late December on its fourth quarter results, and announced certain cost reduction actions, which include the closure of 100 to 120 Kmart and Sears full-line stores. The retailer reported a net loss of $2.40 billion or $22.63 per share for the fourth quarter, compared to net profit of $374 million or $3.43 per share in the prior-year quarter. Loss from continuing operations was $2.39 billion or $22.47 per share, compared to profit of $374 million or $3.43 per share in the year-ago quarter. The results for the latest quarter include about $1.9 billion of charges related to goodwill impairment, store closures and severance and other significant items. Excluding items, adjusted earnings from continuing operations for the quarter plummeted to $58 million or $0.54 per share from $400 million or $3.67 per share in the year-ago quarter.