Big Board's `S' for Sears leaving after 95 years

February 03, 2005|By BLOOMBERG NEWS

NEW YORK - Sears Holdings Corp., the company to be formed by Kmart Holding Corp.'s purchase of Sears, Roebuck and Co., will list on the Nasdaq stock market, ending Sears' 95-year run on the New York Stock Exchange.

"We are proud to welcome Sears Holdings Corp. to the Nasdaq and to our family of companies," Bob Greifeld, president and chief executive officer of the Nasdaq, said yesterday.

Sears began trading on the Big Board on March 3, 1910. Kmart was delisted from the NYSE in December 2002 after becoming the largest U.S. retailer to file for bankruptcy protection.

Kmart agreed on Nov. 17 to buy Sears for $11 billion. The deal will form the third-biggest U.S. retailer and is expected to be completed early next month.

Sears has traded under the ticker symbol "S" since 1928. The move will make nine single letters of the alphabet available for stock symbols, and that number may climb to 11 if two more deals are completed. Procter & Gamble Co. may purchase Gillette Co., which trades under the symbol "G," and SBC Communications Inc. may buy AT&T Corp., which is listed under "T" on the exchange.

Kmart, which traded under "KM" on the NYSE, changed to the ticker symbol "KMRT" in over-the-counter transactions after it emerged from Chapter 11 protection in May 2003. Kmart currently trades on the Nasdaq.

The Nasdaq did not say what symbol the combined company will trade under.

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