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Shareholders approve Sears merger with Kmart

by Dave Porter

Apr Credit Card Shareholders approved the merger between Sears Roebuck & Co and Kmart Corp., paving the way for Sears Holding Corp. executives to assume management of the combined retailers.

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The Best Credit Card March 25, 2005 (AXcess News) Chicago - Shareholders approved the merger between Sears Roebuck & Co (NYSE: S) and Kmart Holding Corp. (Nasdaq: KMRT), paving the way for the new Sears Holding Corp. executives to assume management of the combined retailers.

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Credit Card Debt Consolidation Edward Lampert, chairman of Sears Holding Corp, will announce the senior managers next week. The next level of managers are also to be appointed at that time.The combined businesses have approximately 400,000 employees. Lampert said that any layoffs were to be more on the side of Kmart at its corporate offices. Some of Sears employees would also be affected at its headquarters. Kmart, which has 5,000 employees at its Troy Michigan headquarters would suffer the most layoffs.

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Travel Reward Credit Card Lampert denied that there would be any mass closings of Kmart stores at meeting Friday, saying they were able to take non-productive or under performing stores and make them productive.

Low Interest Credit Card Shares of Sears, Roebuck were down $6.76, or 11.90%, closing at $50.04 Friday. Kmart shares were up $7.69, or 6.16%, closing at $132.52.

Credit Card Company AXcess News will be reporting on any new market trends related to this story. Members should watch their in-box for late breaking business news. If you're not a member, consider joining now.

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