Four hundred Kmart stores will change to Sears stores by 2008 as Kmart Holding Corp. completes its merger with Sears Roebuck & Co.
The combined company, Sears Holdings Corp., plans to convert the 400 stores in order to step up its off-mall growth. Stores slated for a name change are mostly those whose shopper demographics mostly closely match Sears’, according to documents filed with the Securities & Exchange Commission.
The joint company also will look at ways to cross-merchandise private-label brands from both chains, as expected (January PROMO). The combined company can leverage 75 million existing customer relationships to cross-sell ancillary products and services.
Sears and Kmart shareholders will vote March 24 on the proposed merger in a special shareholders’ meeting at Sears’ Hoffman Estates, IL headquarters.
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