Subject:
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Kmart buyes Sears / Merges
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Newsgroups:
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lugnet.market.shopping
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Date:
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Wed, 17 Nov 2004 23:32:15 GMT
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Viewed:
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1060 times
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http://money.cnn.com/2004/11/17/news/fortune500/sears_kmart/index.htm?cnn=yes
NEW YORK (CNN/Money) - Kmart is buying Sears, Roebuck & Co. for $11 billion
in
a deal that will marry two of the nation's oldest retailers that had trouble
keeping up with the changes in American culture around them.
The deal, announced Wednesday morning, will create the third-largest
retailer
in the country. The new company, known as Sears Holdings, will be based at
Sears headquarters outside Chicago.
While the new company will operate both Sears and Kmart stores, "several
hundred" Kmarts will be converted to Sears, Sears Chairman Alan Lacy said at
a
news conference. The companies currently operate about 3,500 stores
combined.
(Continues at CNN)
So, I guess that we won't be seeing another round of K-Mart closings just
yet....
Troy
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