Ian Ritteris national online editor forGlobeSt.com/RETAIL.
HOFFMAN ESTATES, IL-Two of the nation's best-known retailers,Kmart and Sears, Roebuck & Co., plan to merge in an $11-billiondeal. Company officials say the two would form Sears Holding Corp,the third-largest retailer US retailer behind Wal-Mart and the HomeDepot, with about 3,500 stores and annual revenues of about $55billion.
The deal would give Kmart stockholders one Sears Holding share.Sears stockholders would have the right to collect $50 in cash foreach of their shares, or 0.5 shares of Sears Holding. The companywould be based here, where Sears currently has its headquarters,and Kmart would keep a "significant presence" at its Troy, MI homebase. The parties expect to close the deal by the end of March.
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