August 24, 2005 |
The Securities and Exchange Commission on Tuesday filed civil charges against two former Kmart executives, accusing them of making "materially false and misleading" disclosures to shareholders before the retailer's 2002 bankruptcy filing. The complaint filed in U.S. District Court in Detroit charges former Chairman and Chief Executive Charles C. Conaway and former Chief Financial Officer John T. McDonald with securities fraud and aiding and abetting securities fraud.
March 11, 2005 |
Kmart Holding Corp., the retailer that is buying Sears, Roebuck & Co., will convert about 400 stores, more than a quarter of its total, to the Sears name to try to revive sluggish sales. Kmart will remake stores in more affluent areas to take advantage of the Sears brand, which draws higher-income shoppers.
March 10, 2005 |
Kmart Holding Corp., the discount retailer that is buying Sears, Roebuck & Co., reported that fourth-quarter profit rose 14% on cost cuts and the sale of real estate. Net income increased to $309 million, or $3.09 a share, from $270 million, or $2.78, a year earlier, Troy, Mich.-based Kmart said. Sales fell 6.6% to $5.9 billion, the smallest decline in two years. Shares of Kmart rose $2.42 to $111.66 on Nasdaq. From Bloomberg News * Homestore Inc.
February 9, 2005 |
Sears, Roebuck & Co. disclosed plans Tuesday to switch dozens of recently acquired Kmart stores to a new mid-size store format called Sears Essentials, providing more detail of what the combined Kmart-Sears retail behemoth would look like. Evidently devised with discount giants Wal-Mart Stores Inc. and Target Corp. in mind, the concept will combine select Sears products such as appliances and clothing with convenience items such as health and beauty products.
January 4, 2005 |
Wal-Mart Stores Inc. on Monday estimated that a surge in after-Christmas shopping spurred December sales gains of 3%. Kmart Holding Corp. said it expected to report that profit rose 10% during the holiday season after it limited deep discounts. Wal-Mart last week said the increase in its December sales at stores open at least a year was running in the middle of the 1%-to-3% range it had forecast. Troy, Mich.-based Kmart, the No. 3 U.S.
November 18, 2004 |
The owner of the Kmart chain, which came out of bankruptcy protection just 18 months ago, is buying Sears, Roebuck & Co. in an $11.5-billion deal that would create the nation's third-largest retail operation. Under terms of the deal announced Wednesday, the combined company would be headed by Kmart Chairman Edward Lampert, a 42-year-old billionaire who also is Sears' largest single shareholder. The boards of both companies have given the marriage their blessing.