BUSINESS: K-Mart to sell 75+ stores

The international superstore chain K-Mart today made a deal with department store chain Sears to sell off 54 of their stores.

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DETROIT - As Kmart Holding Corp. announced the second deal in less than a month to sell off dozens of stores, observers wondered whether chairman and majority owner Edward Lampert intends to revive the company's ailing retail business, or gradually sell it off, capitalizing on its vast real estate holdings.

This comes just weeks after K-Mart made a deal with the major hardware chain Home Depot. Together, selling off 78 stores, K-Mart will make just shy of 1-billion dollars; a mere 986-million dollars.

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[edit on 6-30-2004 by Valhall]

From: CNN: Kmart, Sears to merge in $11B deal - Nov. 17, 2004

Kmart is buying Sears, Roebuck & Co. for $11 billion in a deal that will marry two of the nation's oldest retailers that had trouble keeping up with the changes in American culture around them.

The deal, announced Wednesday morning, will create the third-largest retailer in the country. The new company, known as Sears Holdings, will be based at Sears headquarters outside Chicago.