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18 Kmart Stores Going to Home Depot for $271M

TROY, MI-The Home Depot will close on 18 Kmart stores for $271 million as part of a previously announced deal, with the first three closings set for later this month.

By Dan Heaton | Updated on August 24, 2004

TROY, MI-The Home Depot, Inc. has completed the purchase of 18 Kmart stores from Kmart Holding Corp., for an aggregate purchase prices of $271 million. On Aug. 10, Kmart and the Home Depot announced an agreement that provided for the sale of no fewer than 13 stores for $173 million in cash, and up to 19 stores for $288.5 million in cash.

Kmart says it anticipates sale proceeds in the amount totaling $259 million from 17 of the stores by the completion of the current fiscal quarter. The first three stores Kmart is selling to Home Depot will close later this month. They are in Hanover, PA; New Milford, CT; and Champaign, IL. Stores set to close in October are in Broomall, PA;Tempe, AZ; Levittown, NY; Huntington Beach, Orange, Seaside and Thousand Oaks, CA; and Coconut Grove and Jacksonville Beach, FL. Locations of the other stores were not disclosed.

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