Shareholders Approve Sears-Kmart Merger
Chicago, It’s official. Shareholders of Sears, Roebuck and Co. and Kmart Holding Corp. approved the merger of the two companies. Sears Holdings stock is expected to start trading on the Nasdaq National Market under the ticker symbol “SHLD” on March 28.
Kmart chairman Edward S. Lampert said: “The combination of Kmart and Sears will create a leading retailer, and we expect will provide heightened value for our customers, associates and shareholders. Sears Holdings will have an enviable stable of proprietary brands, strong points of distribution and enhanced growth opportunities.”
Lampert also denied reports that the company was interested in selling its Lands’ End division.
Almost 70% of shares outstanding approved the $12.3 billion merger.