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Read : 1158
Date : 2004-07-01(Thu) 00:00:00
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Sears to Buy Kmart, Wal-Mart Leases for $620M |
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NEW YORK (July 1, 2004) - Sears, Roebuck & Co. is building its store base
with the acquisition of 54 Kmart locations in a deal worth $620 million
that also includes leasehold interests in seven stores from Wal-Mart.
Sears said it will fund the purchase with available cash. In the deal with
Wal-Mart, Sears’ obligations will be for the lease payments in the
underlying agreements. The Hoffman Estates, Ill.-based retailer said that
the majority of the stores are expected to be converted by the end of 2005
to Sears nameplates, with a large portion being changed to Sears Grand,
its new mid-size format. Sears expects to be operating 12 to 14 Sears
Grand stores by the end of 2005. Alan Lacy, chairman and chief executive
officer, said in a statement, “These transactions will jump-start our
strategy to grow the Sears brand off-mall, increase our points of
distribution and acquire well-located real estate at a fair value in key
markets for Sears.” The Kmart stores are located in urban areas, and the
discounter will continue to operate the stores until the deal is concluded
in March or April 2005. According to Kmart, Sears agreed to consider
offering employment to any Kmart employee who seeks to work at the sites.
This is Kmart’s second real estate deal in less than a month. On June 4,
Kmart said it will sell up to 24 stores to Home Depot for up to $365
million. Julian Day, CEO of Kmart, said in a statement that the deals with
Sears and Home Depot represent a total of $1 billion for fewer than 80 of
its stores, or 5 percent of its current store base. |
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