October 5, 2006 |
Kmart Corp.'s former two top executives lost bids to dismiss a U.S. government lawsuit claiming that they misled investors before the retailer's bankruptcy filing. U.S. District Judge Paul V. Gadola in Flint, Mich., rejected a request by former Kmart Chief Executive Charles C. Conaway and Chief Financial Officer John T. McDonald to dismiss a suit filed by the Securities and Exchange Commission.
March 23, 2006 |
Minutes after securing final approval for combining Kmart and Sears last year, Edward Lampert pledged to transform the two faded retail icons into "a great company." But he didn't offer any blueprint for how he'd do it. Twelve months later, approaching Friday's anniversary of the unlikely pairing that created Sears Holdings Corp., industry experts are still trying to figure out just what the billionaire chairman has in mind for the struggling store brands.
March 14, 2006 |
Kmart Corp. agreed Monday to pay $13 million to settle a class-action lawsuit accusing the retailer of ignoring federal regulations that govern access for disabled customers. The settlement, if it wins a judge's approval, would be the largest ever under terms of the Americans With Disabilities Act. The agreement, which plaintiffs' lawyers said could affect hundreds of thousands of Kmart customers, would allot $12.1 million in damages to class members in California.
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 25, 2005 |
Kmart Holding Corp. bought Sears, Roebuck & Co. for $12.3 billion Thursday, combining two faded retail icons whose sales have been declining for years into the nation's third-biggest retailer with $55 billion in annual sales. Shareholders signed off on the deal in separate meetings at Sears' suburban Chicago headquarters, which now becomes the base for a company that adopts the name Sears Holdings Corp. It trails only Wal-Mart Stores Inc. and Home Depot Inc. among U.S. retailers.
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.