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The Associated Press April 23, 2010, 8:42AM ET

Sears to buy additional interest in Sears Canada

Sears Holdings Corp. will buy an additional stake in Sears Canada Inc., the retailer said Friday.

The company that owns Kmart and its namesake stores signed deals to buy about 18.7 million shares of Sears Canada, or about 17 percent of its outstanding stock, from Pershing Square, LP, Pershing Square II LP and Pershing Square International Ltd. for $30 Canadian dollars ($30) per share. Pershing Square, activist investor William Ackman's investment firm, will not hold any shares of Sears Canada once the deal closes.

Edward Lampert-led Sears Holdings will own approximately 97.3 million Sears Canada shares, or 90.4 percent of the company, once the deal is complete.

The acquisition is expected to close on Tuesday.

Sears Holdings also provided a first-quarter profit outlook in range of analysts' expectations on Friday. The retailer indicated that its quarter-to-date sales at stores open at least a year are up 1.7 percent, with Kmart rising 3.2 percent and Sears domestic stores climbing 0.3 percent.

The company said Kmart saw improvement in clothing, home and toys, while its Sears stores reported better sales of home appliances, somewhat offset by lower sales of tools and home electronics.

This sales figure is a key indicator of a retailer's performance because it measures results at existing stores rather than newly opened ones.

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