Kmart Sells Stores to Sears1 Jul, 2004 By: Jessica Wolf
Kmart Corp. plans to sell 54 of its stores to Sears, Roebuck and Co., in an agreement that could yield $621 million in cash for the discounter, the company announced.
Within 60-75 days, Kmart will determine which stores, locations and the total purchase amount, according to the company.
This sale to Sears follows a similar announcement early in June that Kmart would sell approximately 30 locations to Home Depot.
The two deals represent a selloff of about 5 percent of Kmart's store base of about 1,400 stores and could bring in nearly $1 billion for the company, according to statements from Julian C. Day, president and CEO of Kmart.