Kmart to Convert 400 Stores to Sears

By: (AP) Kmart Holding Corp. announced plans Wednesday to convert about 400 of its stores to a Sears format following its merger with Sears, Roebuck and Co.

Troy-based Kmart disclosed the plans on the same day that it posted a $309 million profit for the fourth quarter, a 14 percent increase over the previous year. The retailer also said sales at stores open at least a year continued to fall, though at a much lower rate than they had been.

Kmart and Sears shareholders are due to meet March 24 at Sears' headquarters outside Chicago to approve Kmart's acquisition of the department store chain, announced in November.