Sears to buy up to 54 Kmarts, lease seven Wal-Marts

Wednesday, June 30th 2004, 9:29 am
By: News On 6

(Detroit-AP) -- Hoffman Estates(Illinois)-based Sears, Roebuck and Company is going on a shopping spree.

Sears has agreed to buy up to 54 stores from Kmart for up to 621 (M) million dollars.

And Sears says it's also agreed to acquire the leases on seven Wal-Mart stores.

Sears chairman Alan Lacy says the transactions are designed to jump-start his company's strategy to promote Sears' brand in off-mall locations. Lacy says Sears also wants to increase its points of distribution and acquire well-located real estate.

The exact number of Kmart stores involved in the deal announced today hasn't been determined. Kmart will continue to operate the stores until March or April 2005 and says Sears has agreed to consider offering jobs to Kmart employees.