Discount retailer Kmart, which last month agreed to sell home improvement retailer The Home Depot as many as 24 stores for roughly $365 million, has now revised the transaction to include no fewer than 13 stores for $173 million in cash, and up to19 stores for $288.5 million in cash.
Kmart also has been granted an option to sell certain stores that would increase the minimum number of stores sold to 15 and the minimum cash to be received to $214 million. The revision of the transaction was the result of closing conditions not being met for certain store locations, according to a statement from Kmart.
The sale of four Kmart stores has already been completed, and The Home Depot has paid Kmart $59 million for those stores. Another nine stores will be sold within the next five days. However, Kmart will not receive the cash proceeds until it has vacated the properties.