Sears, Roebuck and Co. (Sears) is a multi-line retailer that offers a wide array of merchandise and related services and is among the largest retailers in North America. In addition, through its Credit and Financial Products businesses, the Company had offered its customers various credit, financial and related insurance products. On November 3, 2003, the Company sold its domestic Credit and Financial Products business, including its clubs and services business, to Citigroup, a global financial services holding company. The Company operates in two segments: a Domestic segment and a Sears Canada segment. On November 17, 2004, Sears and Kmart Holding Corporation (Kmart) announced that they had signed a definitive merger agreement (the Merger Agreement) that will combine Sears and Kmart into a major new retail company named Sears Holdings Corporation (Holdings). Sears and Kmart will become wholly owned subsidiaries of Holdings.
(Source: 10-K) – less