Kmart wraps sale of 50 stores to Sears

DETROIT, United States (AFP) - Kmart Holding Corporation, parent company of the discount retail chain, said it had finalized the sale of 50 stores to Sears, Roebuck and Co for 575.9 million dollars in cash.
The final deal is one store short of a previous agreement to sell 51 stores. Kmart said it will keep operating the stores until March or April, when Sears will take over. A store in West Palm Beach, Florida, however, will change hands this fall.
Sears has agreed to consider offering jobs to Kmart employees as part of the conversion.
Sears will transform most of the stores into its Sears Grand food and department store concept launched earlier this year.
Kmart retains a network of 1,400 stores nationwide.