Kmart and Sears Ready To Move Forward
The other day, shareholders approved the merger of Sears, Roebuck and Co. and Kmart Holding Corporation.
More than 170 million of Sears’ outstanding shares were voted, with approximately 149 million shares or approximately 88% of the votes cast and 69% of total shares outstanding voted in favor of the merger proposal. More than 61 million of Kmart’s outstanding shares were voted, with 99.9% of the votes cast and 69% of the shares outstanding voting in favor.
Widespread store closings are not in the cards for the new retailer.
An Associated Press article says, “Minutes after a rancorous shareholders’ meeting where Sears, Roebuck and Co. retirees denounced the 119-year-old retailer’s sale to Kmart Holding Corp., Lampert stated his intent to reinvigorate the two faded retail icons and ‘transform them into a great company’.”
“I think either company on its own could have been OK,” said Lampert, who was Kmart’s chairman and the largest individual shareholder in each retailer. “But I don’t think either company could have been a great company.”
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