Sears Holdings Corp., one of the earliest members of the S&P 500, is being kicked out of the stock index next week and replaced by a Dutch chemicals company.
The retailer, which trades on Nasdaq, will be dropped from the index when the market closes Sept. 4. LyondellBasell Industries in the Netherlands will take its place.
Sears has struggled with falling sales, store closures, brand spinoffs and consumer skepticism. But its retail problems didn't cause its expulsion from the S&P 500.
Instead, the number of shares Sears made available to the public, known as the "public float," "has been well below the 50% threshold for inclusion for an extended period of time and is no longer considered representative of the index," according to a statement from S&P Dow Jones Indices.