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fashion-features

The $55B Baby: Retail Landscape Shifts as Kmart Buys Sears

Kmart Corp.’s purchase of Sears makes it the second-largest U.S. apparel retailer and puts its new chairman, Edward Lampert, in the spotlight.

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1977: Company changes name from S.S. Kresge Co. to Kmart Corp.

1994: Kmart sets IPO of its interests in The Sports Authority, OfficeMax and Borders Group Inc.

1997: Kmart introduces Big Kmart store format and logo.

2002: Kmart files Chapter 11 bankruptcy, closes 283 stores.

2003: Chuck Conaway resigns as chairman and ceo. Board member James B. Adamson is appointed chairman and ceo. Julian C. Day is appointed president and chief operating officer. Kmart files reorganization plan, which includes investment agreement with the Plan Investors, ESL Investments Inc. and Third Avenue Value Fund. Kmart emerges from bankruptcy, Edward S. Lampert is named chairman of Kmart Holding Corp.
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