US: Sears ups stake in Sears Canada to 90%
Retailer Sears Holdings Corporation is to buy an additional 17.3% stake in Sears Canada Inc, and says first-quarter profit will meet expectations.
The company, which operates 3,900 of its namesake and Kmart stores, says it is buying 18.7m shares at a price of CAD30.00 (US$30) per share from Pershing Square LP, Pershing Square II LP and Pershing Square International Ltd.
The Hoffman Estates, Illinois based retailer says the transaction will give it 97.3m shares - around 90.4% of the company.
It also said quarter-to-date same-store sales are up 1.7%, with apparel helping to lift Kmart by 3.2% and Sears domestic stores up 0.3%.
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