Home
Global Supplier Directory
APPLIANCE Engineer
Supplier Solutions
APPLIANCE Line
Whitepaper Library
Calendar of Events
Association Locator
Contents Pages
Market Research
Subscription Center


 
Daily News

Sears to Buy Up to 54 Kmart Stores
Jun 30, 2004
 Printable format
 Email this Article
 Search

Retailer Kmart Holding Corp. announced that it has agreed to sell up to 54 stores to Sears, Roebuck and Co. for U.S. $621 million, a deal that according to the companies gives Kmart much-needed cash and Sears more room to expand.

The move comes less than a month after Kmart agreed to sell as many as 24 stores to Home Depot Inc. The discount retailer has been building up its cash position since getting out of bankruptcy in May 2003.

Kmart, which closed some 600 of its 2,100 stores while under bankruptcy court protection, said it would continue to operate the 54 stores until March or April 2005.

For Sears, buying the stores will help the company get back into expansion mode after about two decades of stagnant growth. The company has been looking for ways to roll out its new Sears Grand prototype stores faster.

The stores, which Sears is opening away from the shopping malls that most of its 870 stores anchor, combine the retailer's usual assortment of appliances, tools and clothing with a small selection of food, books and magazines, and health and beauty aids.

In a statement, Julian Day, Kmart chief executive, said the retailer was "not currently in discussions regarding any additional significant store sales, although we will continue to evaluate opportunities as they arise." (Associated Press)

Back to Daily News

 

Daily News

...........................................................

Oct 30, 2014: Whirlpool Corp. reports strong third-quarter

Oct 30, 2014: Statistical Portrait of the European Appliance Industry Released by Appliance Magazine

Oct 30, 2014: New Whirlpool acquisition Indesit reports profit for year so far

Oct 30, 2014: Consumer Confidence Index rebounds in October

Oct 29, 2014: New home sales up slightly in September 2014

More Daily News>>

RSS Feeds
.........................................................
Appliance Industry
Market Research

...........................................................

October 2014: Portrait of the European Appliance Industry
September 2014: Appliance Industry Focus: HVAC
June 2014: Appliance Magazine Market Insight: April 2014
May 2014: Appliance Magazine Market Insight: March 2014




 
Contact Us | About Us | Subscriptions | Advertising | Home
UBM Canon © 2014  

Please visit these other UBM Canon sites

UBM Canon Corporate | Design News | Test & Measurement World | Packaging Digest | EDN | Qmed | Plastics Today | Powder Bulk Solids | Canon Trade Shows