Kmart CEO Ed Lampert and Sears chairman Alan Lacy, in announcing the deal on Wednesday, promised up to $500 million a year in savings within three years from store conversions, back-office job cuts, more efficient buying of goods and possible store closings.
✅ "It's an opportunity to transform two companies that once were great, into a great company relative to the 21st century. A key part of increasing productivity at the stores will be in the cross selling of the brands."
"I think there's a presumption that you're going to see a lot of store closings. That's a wrong presumption, .... while some layoffs will be announced by the end of April, the vast majority of the work force of 400,000 will keep their jobs, Lampert said. We are determined to be successful."
Company officials said the merger would help make their properties more profitable through a broader retail presence and improved operational efficiency in areas such as procurement, marketing, information technology and supply chain management. "The combination will greatly strengthen both the Sears and Kmart franchises, " Lacy said. "This will clearly be a win for both companies' customers, while significantly enhancing value for all shareholders."
"CEO Alan Lacy will pocket about $27 million as a result of the merger."
😎 There are 5 Sears stores left in the United States as of September 7, 2025. The following stores were closed in 2021: Sacramento, CA, Boyle Heights, CA, Clovis, CA, Downey, CA, Long Beach, CA, Los Altos, CA, Orange, CA, Pasadena, CA Rancho Cucamonga, CA. Tukwila, WA was closed in 2024!
😎 As of November 6, 2025, there are only 3 remaining US Kmart store locations still open with only 1 in the contiguous United States in Miami, Florida.
