Small appliance retailer Kmart Holding Corp. will sell 45 of its stores to Sears, Roebuck and Co. for U.S. $524 million, Kmart said.
The sale of as many as six more stores for up to $65.3 million remains subject to conditions that would have to be met within the next 15 days, according to Kmart.
Kmart had announced June 30 that it would sell up to 54 of its stores to Sears for as much as $621 million.
"The stores we are retaining from the originally announced transaction are operating profitably," Julian C. Day, Kmart's president and chief executive, said in a statement. "As has always been contemplated, Kmart will continue to operate those storesâ€¦We look forward to providing continued service to our customers at these locations."
Locations of the 45 affected stores being sold to Sears are to be released as transactions are finalized in the coming weeks.
Kmart will continue to operate the stores until March or April and expects that Sears will assume the properties by April 15. Kmart has said Sears has agreed to consider offering jobs to Kmart employees at the converted stores.
Kmart recently announced it had finalized its agreement with The Home Depot Inc. to sell the home-improvement retailer 18 stores for $271 million.
Kmart, which emerged from bankruptcy in May 2003, has achieved a financial turnaround, posting a profit in the previous two quarters, reporting $2.2 billion in cash. However, sales have continued to drop.
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