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Kmart chief Edward Lampert yesterday got 69 percent vote from his shareholders giving him the green signal for the $12.3bn acquisition of Sears Roebuck & Co. The merger is expected to halt further decline in sales of both the retail giants.
The new entity will be called Sears Holdings Corp. (ticker symbol SHLD) and result in a cutting a number of jobs. It will be the third largest retailer in the US after Wal-Mart Stores Inc. and Home Depot Inc.
Immediate plans for the new retailing company include converting about 400 Kmart stores to Sears Essentials stores adding snacks and other convenience items to the usual mix of offerings. The changes are meant to boost sales by $200 million and save $300 million.