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Sears and Kmart Get Their Merger Approval

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The merger of Sears, Roebuck and Co. and Kmart Holding Corporation was approved yesterday by shareholders of both companies.

More than 170 million of Sears’ outstanding shares were voted, with approximately 149 million shares or approximately 88 percent of the votes cast and 69 percent 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 percent of the votes cast and 69 percent of the shares outstanding voting in favor.

An Washington Post article says:

“Sears and Kmart stores have suffered from declining sales for most of the past decade. Kmart recently emerged from bankruptcy proceedings, during which it excised 700 underperforming stores, and many of its remaining properties are in older shopping centers.

The new company faces a formidable task integrating two sprawling retail empires. And it must find ways to squeeze out the $500 million in cost savings and improved sales that it has promised shareholders.”

Sears and Kmart will form a major new retail company named Sears Holdings Corporation. Sears Holdings stock is expected to start trading on the Nasdaq National Market under the stock symbol “SHLD” on March 28, 2005.

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Sears and Kmart Get Their Merger Approval
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