Sears and Kmart Tie the Knot
Poster: Aron Schatz
Posted on November 17, 2004 at 6:16:46 PM
I'm sure most of you already know that Kmart is buying Sears (merging). Blue light jokes aside, now they will create the third largest retailer in the world.
Quote
Sears shares have rocketed over the past two weeks, after it was revealed that real estate investment trust Vornado Realty Trust bought a 4.3 percent stake in Sears. Analysts at the time said that the deal highlighted the value of Sears' vast property holdings as the value of retail real estate is rising and that it indicated other retailers could be potential buyers of real estate currently owned by Sears or other department stores.