Wednesday, November 17, 2004

WSJ.com - Kmart, Sears to Merge In $11 Billion Deal

WSJ.com - Kmart, Sears to Merge In $11 Billion Deal: "Kmart Holding Corp. and Sears, Roebuck & Co. agreed to merge in an $11 billion transaction.
In a press release Wednesday, the companies said the deal will create the third-largest U.S. retailer with $55 billion in annual revenue, 2,350 full-line and off-mall stores, and 1,100 specialty retail stores.
The new entity, to be called Sears Holdings Corp., will be headquartered in Hoffman Estates, Ill. Kmart will continue to have a significant presence in Troy, Mich."

Fascinating turn-around story -- see this BusinessWeek story ("The Next Warren Buffett?") about Eddie Lampert, the person who led the resurrection of K-Mart. Lampert gained control of K-Mart in bankruptcy court for less than $1B.
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