Welcome to the Business Journal Archives
Search for articles below, or continue to the all new BusinessJournalDaily.com now.
Search
Kmart Plans to Sell Up to 24 Stores to Home Depot
TROY, Mich. -- Kmart Holding Corp. announced today it will sell up to 24 stores to Home Depot Inc. for a maximum purchase price of $365 million in cash. The exact number of stores, locations and total purchase amount will be determined based upon the satisfaction of certain conditions to occur within the next 60 days, officials said in a news release.Once conditions of the sale are satisfied, company officials said they expect the Kmart locations will be converted to Home Depot stores.Kmart has retail stores throughout the Mahoning Valley, including stores in Howland, Warren, Boardman and Austintown. Home Depot operates stores locally in Boardman and Howland. Julian C. Day, Kmart president and chief executive officer, said the retailer is taking action "on many different fronts simultaneously" to return Kmart to profitability."For each of the past four quarters, Kmart has consistently delivered improved year-over-year profitability by focusing on the fundamental aspects of our business," he related. "Operationally, we've improved several areas including product design, buying, inventory management, distribution and the in-store environment. By the same token, we will take advantage of opportunities to create value that include the sale of existing stores, or the acquisition of new stores and businesses."Visit Kmart at www.kmart.com"