Kmart Acquires Sears for $12.3 Billion

Hoffman Estates, Ill., Kmart has bought Sears, Roebuck and Co. for $12.3 billion, merging the companies into the nation’s third-biggest retailer with annual sales of $55 billion. Chairman Edward Lampert said in a press conference that the company was neither planning a lot of store closings, nor looking to sell off Sears’ assets. Specifically, Lampert has denied that Sears’ Land’s End division was on the market.

News reports described the Sears shareholder meeting as “rancorous,” as voters voiced fears that Sears’ assets would be sold off to raise cash. Shareholders also expressed disbelief that the 119-year-old company has been acquired by Kmart, a company two years out of bankruptcy.

The new entity, Sears Holding Corp., trails only Wal-Mart Stores Inc. and The Home Depot Inc. as the top U.S. retailers.