TOLEDO -- Attention Kmart shoppers, the discount retailer is buying Sears. Wednesday, Kmart Holding announced its $11 billion purchase of Sears Roebuck. The merger of the two companies will form the nation's third largest retailer.
One has a reputation for its service and appliances. The other for its low prices. Now, the two are combining. The combined company will be called Sears Holdings, but both names will still be used on all of the stores.
Shoppers are excited about the merger. "Stuff that Sears doesn't have Kmart offers, and stuff that Kmart doens't have Sears offers. I think it's a good idea," said one shopper Scott Platzke.
The deal means shoppers will be able to get tools and other hard goods at Kmart and more clothing at Sears. "I guess that would be good. I mean, I like Sears and they're really reasonable with their prices and Kmart, I'm here most of the, probably five days out of the week, so I think this is probably a pretty good idea," said another shopper Dionne Meredith.
The merger is expected to be completed by the end of March. Anaylsts say the combined company is expected to have $55 billion in revenues and nearly 3,500 stores. That means it will trail only Wal Mart and Target among the nation's biggest retailers.
Posted 1:30 p.m., email@example.com