Troy, Mich. – Locally based Kmart Corp. recently acquired BlueLight.com, the company's e-commerce subsidiary. A majority of BlueLight.com stockholders had approved the merger as of the close of business on July 31, 2001.
Under the terms of the purchase agreement, Kmart will issue 6 million shares of Kmart common stock and pay approximately $15 million in cash. In conjunction with the purchase of BlueLight.com, Kmart will record a charge in the second quarter of approximately $120 million ($76 million after-tax) for the restructuring and integration plans of BlueLight.com.