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Profits were down by 45 percent the major problem faced by sears holdings corporation two years after the merger of kmart and sears roebuck.
Kmart will buy Sears, Roebuck for $11 billion, the companies announced yesterday, a deal that unites two struggling merchants in an effort to survive against rivals like Wal-Mart, which passed both in the 1990's on its way to becoming the nation's largest retailer.
Why did Kmart and Sears merger?
- Lacy said the merger will boost both companies by "accelerating the Sears off-mall growth strategy and enhancing the brand portfolio of both companies."
- Sears has been adding stand-alone stores with a product mix closer to Kmart, with the Sears Grand store in Gurnee, Ill., one of the first.
Who bought who Kmart or Sears?
- On November 17, 2004, Kmart's management announced its intention to purchase Sears for $11 billion.
- As part of the merger, the Kmart Holding Corporation (the company that owns Kmart) would be transferred to the new Sears Holdings Corporation and Sears would be purchased by the new Sears Holdings Corporation.
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