Sears Holdings Corp. said Thursday that it has sold its furniture business to Sears Holdings Inc., a unit of Sears Holdings Corporation.
The transaction is worth about $2,600 million, or $1.8 billion, the company said.
The sale is subject to regulatory approval.
The agreement also provides for a $5.7 billion cash dividend to Sears shareholders, according to a statement.
The purchase price is below Sears’ $10.4 billion purchase price for the business, according a person familiar with the matter.
Sears said it will continue to operate as a standalone company, which will focus on growing its online and in-store retailing business.
The company also said it would invest $150 million to expand its online business.
In January, Sears said the deal with Sears Holdings would add to its existing operations in its online store and its portfolio of physical and online furniture.
In June, the retailer reported sales growth of 3.7 percent, or about $9 billion.
The Sears business had been in a downturn since mid-2017 as the retailer faced falling consumer interest in its namesake brands, such as department stores and department stores.
In November, Sears announced a $100 million fund to help offset costs of the acquisition.
Sears has been struggling to make money as the company struggles with its $2 trillion debt load.
The deal brings together a company that has long been a major retailer and a company with a growing consumer interest.