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Sears Holdings Corporation (NASDAQ: SHLD) is the fourth largest retailer in the United States, behind Wal-Mart, The Home Depot, and Kroger. more...
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It was formed in 2005 with the purchase of Sears, Roebuck and Company of Hoffman Estates, Illinois by Kmart Holdings Corporation of Troy, Michigan.
The company operates 3,800 retail locations under the mastheads of Sears, Sears Grand, Sears Hardware, Kmart, Big Kmart, Super Kmart, The Great Indoors, Orchard Supply Hardware, and Lands' End stores.
The company maintains its corporate headquarters in Hoffman Estates, Illinois.
History
Kmart and Sears merger
In November 17, 2004, Kmart stores announced its intention to purchase Sears Stores, both divisions of their respective parent organizations. Commonly, it is mistaken that Sears as a whole was purchased by Kmart, this is not true, as after Kmart Stores completed the purchase of Sears Stores, Sears Holdings Corporation purchased Kmart Holdings Corporation. The new corporation announced that it would continue to operate stores under both the Sears and Kmart brands.
The two companies cited several reasons for combining forces:
Sears had begun investing in new, larger off-mall stores, called Sears Grand. Earlier in the year, Sears had purchased dozens of current Kmart locations; the merger permitted the combined company to accelerate that process.;
Proprietary brands held by both companies could be made more accessible to their target demographics by leveraging their combined real estate holdings. This was estimated to be an expected $200 million a year in revenue synergies.;
At least $300 million a year in cost savings was expected annually, particularly in the supply chain and in administrative overhead.;
The establishment of a shared customer-focused corporate culture between the two companies was estimated to yield improvements in revenue per unit area.;
Preservation of two brands after the merger allowed Sears Holdings to continue focusing on different customer demographics, without alienating either group.;
The new company is directed by a board of directors comprised of members from the two companies: seven members from Kmart's board, three from Sears. Shareholders in the Kmart Corporation received one share in the new company. Shares of Sears, Roebuck and Company stock were converted into a combination of 55% stock and 45% cash (at $50 a share). Stockholders had a choice of receiving either stock or cash, subject to the predefined ratio.
The merger was completed on March 24, 2005, after receiving regulatory approval from the government and approval by shareholders of both companies.
Read more at Wikipedia.org
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