On October 15, 2018, Sears Holdings announced that it would close 142 stores, including 63 Kmart stores and 79 Sears stores. The company filed for Chapter 11 bankruptcy protection on October 15, 2018, in New York the same day that a $134 million debt payment was due. On October 10, 2018, it was reported that Sears Holdings had engaged advisors regarding an imminent bankruptcy filing. (See Sears Holdings#History for more detailed history of the intervening years.) Įddie Lampert led the company for the next thirteen years. The combined company had approximately 3,500 stores at the time of the merger. The merger was completed on March 24, 2005, after receiving regulatory approval from the government and approval by shareholders of both companies. The company continued to market products under brands held by both companies. Sears Holdings then operated Sears and Kmart stores. The result of the merger was Kmart and parent Kmart Holding Corporation and Sears became subsidiaries of the new Sears Holdings Corporation. The merger of Kmart and Sears closed on March 24, 2005, following affirmative shareholder votes of both companies. The new corporation announced that it would continue to operate stores under both the Sears and Kmart brands. The new corporation became known as Sears Holdings Corporation, simply known as Sears Holdings. Kmart previously emerged from Chapter 11 bankruptcy protection on May 6, 2003. On November 17, 2004, the management of Kmart Holding Corporation announced its intention to purchase Sears, Roebuck and Co.
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