Sears-Kmart: Eddie's Master Stroke

Lampert, now Kmart's chairman, will become chairman of Sears Holdings. Sears Chief Executive Alan J. Lacy will become vice-chairman and CEO of the new company, and Kmart CEO Aylwin B. Lewis -- named to the post just last month -- will become president of Sears Holdings and CEO of Sears retail. Combined sales would total $55 billion and rank Sears Holdings as the nation's third-largest retailer behind Wal-Mart Stores (WMT ) and Home Depot (HD ), displacing current No. 3 Target Corp. (TGT ). "We think there is opportunity for a broader customer base and much expanded sales," Lampert says.

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Both Kmart, with 1,500 discount stores, and Sears, with 870 mall-based stores, have seen declining sales as shoppers