HOFFMAN ESTATES, Ill. — Sears, sorely in need of cash, is selling most of its stake in its Canadian unit to raise as much as $380 million.

The rights offering to shareholders for the majority of its 51 percent stake in Sears Canada Inc. will give the retailer some breathing room as it heads into the crucial holiday season.

The announcement Thursday is the latest in a string of initiatives the company is undertaking to shore up finances. Sears said that it will evaluate its capital structure over the next six to 12 months and may take further action to create more financial flexibility.

The offering comes after Sears failed to find a buyer for the Canadian operations and also the announcement last week that the president and CEO of the unit, Douglas Campbell, would leave at the end of the year.

The company board approved a rights offering of up to 40 million shares of Sears Canada Inc. Sears will still hold about 12 million shares of Sears Canada, valued at about $113 million.

Chairman and CEO Edward Lampert plans to fully exercise his subscription rights. ESL Investments Inc., of which Lampert is also chairman and CEO, will do the same.

The retailer expects at least $168 million in proceeds from the rights offering in mid-to-late October, with the rest by early November. That, in combination with a $500 million dividend tied to the spinoff of Lands’ End, $165 million in proceeds from some real estate transactions and a $400 million short-term loan, will provide Sears Holdings with up to $1.45 billion in liquidity in fiscal 2014, said Chief Financial Officer Rob Schriesheim.

The challenges still facing Lampert are enormous. The company has been cutting costs, reducing inventory and selling assets to return to profitability. Its biggest albatross remains its stores, which critics say are outdated and shabby.