Sears Holdings announced on Thursday that it would spin off part of its Canadian unit, a poor performer that has weighed down the struggling retailer.

The move to sell shares in the unit, if approved by regulators, would reduce the holding company’s stake in Sears Canada to 51 percent from 95 percent. Sears indicated it could further wind down the stake, disclosing in a statement on Thursday that “subsequent to the spinoff,” the company could sell “any portion of its remaining interest in Sears Canada.”

The planned spinoff is the latest step in a broader effort by Sears and its chairman, the hedge fund billionaire Edward S. Lampert, to raise cash and allay concerns about liquidity problems. The retailer, based in Hoffman Estates, Ill., is seeking to regain its footing through selling some of its most profitable stores.

The Canadian arm of the company, however, is one of the worst performers. In a letter to shareholders earlier this year, Mr. Lampert acknowledged that the unit “experienced very poor results.” Even as the holding company returned to profitability — it announced first-quarter earnings of $189 million, up from a $165 million loss in the period a year earlier — the Canadian unit’s sales declined more than 6 percent at stores open at least a year.

In the statement, Sears said it “believes that the spinoff will provide investors with a more targeted investment opportunity by having equity in two separate public companies.”

Still, the spinoff marks a curious change in strategy for Mr. Lampert, who in 2009 moved to exert more control over Sears Canada, gradually ratcheting up the stake in the unit. The strategic shift also comes as Target, one of its top competitors, moves into the Canadian market.

The Sears deal is still subject to regulatory approval and the blessing of the Sears Canada directors. If the deal is finalized, Sears plans to continue including the Canadian unit as a subsidiary in its earnings reports.