Retailer Kmart Holdings Corp. on Monday said it finalized a deal to sell 18 of its stores to Home Depot Inc. for $271 million.
The original pact called for the sale of as many as 24 stores for up to $365 million, but the deal was revised earlier this month because of certain conditions not being met with regard to some stores.
Kmart said it expects proceeds of $259 million for 17 of the stores to released from escrow by the end of the current fiscal quarter, including $54.6 million received last quarter. It expects to receive the remaining sales proceeds during the fourth quarter, it said.
The Troy, Michigan-based retailer also said that nearly 230 employees, or 41 percent of those affected by the deal, will be offered jobs at other Kmart locations.
