Lampert, Lacy will lead new Sears Holdings entity
By Furniture Today Staff -- Furniture Today, November 21, 2004
New York — Edward S. Lampert, chairman of Kmart Holdings, will be chairman of Sears Holdings, the new entity resulting from the merger of Kmart and Sears.
Alan Lacy, currently chairman and CEO of Sears, Roebuck & Co., will be vice chairman and CEO of Sears Holdings. Alwin Lewis, president and CEO of Kmart, will be president of Sears Holdings and CEO of Sears Retail
Glenn Richter, currently executive vice president and chief financial officer of Sears, will be executive vice president and CFO of Sears Holdings. In August, Richter also was appointed chairman of Sears Canada, and Brent Hollister, a longtime Sears Canada executive, was named president and CEO of the Canadian business.
Sears currently operates 871 full-line stores, and Kmart has 1,511 stores.
With the merger, there will be an opportunity "to plant the right brand in the right market," said Lacy, pointing to Kmart's strength in urban and high-density locales. Each company has a strong portfolio of proprietary brands, with Sears' strength in the hard goods arena, both Lampert and Lacy noted.
Overall, Sears' sales-per-square-foot performance is $80 better than Kmart's, "and there is an $8 billion opportunity to improve Kmart," Lampert said.
Sears Holdings will be based at Sears' headquarters in Hoffman Estates, Ill., but the company will continue to have a significant presence at Kmart's home base in Troy, Mich.
-
People On The Move
Apr 14, 2012 -
Haley Heads Stanley Board
Dec 23, 2010 -
Stanley board adds director, elects new chairman
Dec 14, 2010
VIEW ALL GALLERIES
