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

Kmart's Home Depot Sale May Cost Jobs
Aug 20, 2004
 Printable format
 Email this Article
 Search

Kmart Holding Corp.'s sale of 13 stores to The Home Depot Inc. could cost up to 1,200 Kmart employees their jobs in coming months.

Under an agreement announced in June, Kmart will sell no fewer than 13 stores for U.S. $173 million in cash and up to 19 stores for $288.5 million. Nine of the stores already have been sold.

The Kmart employees being laid off will receive no severance pay, company spokesman Steve Pagnani told the Detroit Free Press. They will receive benefits owed to them, such as unused vacation time, he said.

The first three stores Kmart is selling to Home Depot will close later this month. Kmart owned four of the stores. Atlanta, GA, U.S.-based Home Depot paid $59 million for them, giving the Troy-based retailer a net gain of $43 million, the company said in a Securities and Exchange Commission filing.

Home Depot assumed leases on the other nine stores for $114 million, and is expected to close on up to six more leased stores by the end of August.

Kmart, which emerged from bankruptcy in May 2003, has struggled to maintain sales, but has taken advantage of demand for its valuable real estate. In June, the company announced plans to sell 54 of its stores to Sears, Roebuck and Co. for up to $621 million.

Sears plans to occupy those stores by April 2005, when approximately 5,000 more Kmart workers will lose their jobs. (Associated Press)

Back to Daily News

 

Daily News

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

Oct 17, 2014: Whirlpool completes purchase of majority interest in Indesit

Oct 17, 2014: AHRI Annual Meeting registration open for just 1 more week

Oct 17, 2014: Walmart will moderate brick-and-mortar growth and increase capital spending on e-commerce capabilities

Oct 17, 2014: Smart devices shipments forecast to show strong growth

Oct 16, 2014: Helen of Troy sales and earnings exceed expectations

More Daily News>>

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

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

September 2014: Appliance Industry Focus: HVAC
June 2014: Appliance Magazine Market Insight: April 2014
May 2014: Appliance Magazine Market Insight: March 2014
April 2014: Appliance Magazine Market Insight: February 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