ECONOMICS REPORT - Sears and Kmart To Merge

ECONOMICS REPORT - Sears and Kmart To Merge¹
By Mario Ritter

Broadcast: Friday, November 26, 2004

I'm Gwen Outen with the VOA Special English Economics Report.

Sears used to call itself "the place where America shops." For more than a century, Sears department stores have tried to meet the needs of a changing nation. Now, the company that was once the nation's biggest seller faces big changes of its own. A smaller competitor, Kmart, announced plans last week to buy Sears for eleven thousand million dollars.

Richard Sears and Alvah Roebuck started Sears, Roebuck and Company in eighteen ninety-three. At first they sold only timepieces and jewelry². Then they published a general catalog for people to order goods by mail.

 
Graphic³ Image
Sears opened its first store in nineteen twenty-five in Chicago. As the company grew, it opened many stores in large shopping malls away from high land prices in cities. Sears also led the way in providing average people with credit cards.

Kmart opened its first store in nineteen sixty-two. It sold goods at low prices. That same year, Sam Walton opened his first Wal-Mart. He used computer technology to organize his business and improve the flow of goods to stores. He kept prices extremely low. Americans found a new place to shop.

In two thousand two, Kmart sought protection from its creditors⁴. Businessman Edward Lampert bought control of the company. He sold many of the stores. He re-organized the company and reduced its debt. In two thousand three, Kmart came out of bankruptcy⁵. Since then, its stock has increased over six times in price.

The purchase of Sears would create the third largest retail⁶ group in the country, behind Wal-Mart and Home Depot⁷. Home Depot sells tools and home improvement products. The plan is to organize Sears and Kmart under a larger holding company called Sears Holdings, led by Mister Lampert.

Some people do not think the Kmart name will continue very long. Kmart is perhaps best known for a line of home products sold under the Martha Stewart name. Sears brands include Craftsman⁸ tools and Kenmore appliances like washing machines.

The merger⁹ of Sears and Kmart requires approval by shareholders¹⁰ and federal officials. Nobody knows how much the combination will help sales. Some experts suggest that the land under the stores may be worth more than the businesses themselves.

This VOA Special English Economics Report was written by Mario Ritter. This is Gwen Outen.

1 merge   

v.(使)结合，(使)合并，(使)合为一体

参考例句：

• I can merge my two small businesses into a large one.我可以将我的两家小商店合并为一家大商行。
• The directors have decided to merge the two small firms together.董事们已决定把这两家小商号归并起来。

2 jewelry   

n.（jewllery）（总称）珠宝

参考例句：

• The burglars walked off with all my jewelry.夜盗偷走了我的全部珠宝。
• Jewelry and lace are mostly feminine belongings.珠宝和花边多数是女性用品。

3 graphic   

adj.生动的，形象的，绘画的，文字的，图表的

参考例句：

• The book gave a graphic description of the war.这本书生动地描述了战争的情况。
• Distinguish important text items in lists with graphic icons.用图标来区分重要的文本项。

4 creditors   

n.债权人，债主( creditor的名词复数 )

参考例句：

• They agreed to repay their creditors over a period of three years. 他们同意3年内向债主还清欠款。 来自《简明英汉词典》
• Creditors could obtain a writ for the arrest of their debtors. 债权人可以获得逮捕债务人的令状。 来自《简明英汉词典》

5 bankruptcy   

n.破产；无偿付能力

参考例句：

• You will have to pull in if you want to escape bankruptcy.如果你想避免破产，就必须节省开支。
• His firm is just on thin ice of bankruptcy.他的商号正面临破产的危险。

6 retail   

v./n.零售；adv.以零售价格

参考例句：

• In this shop they retail tobacco and sweets.这家铺子零售香烟和糖果。
• These shoes retail at 10 yuan a pair.这些鞋子零卖10元一双。

7 depot   

n.仓库，储藏处；公共汽车站；火车站

参考例句：

• The depot is only a few blocks from here.公共汽车站离这儿只有几个街区。
• They leased the building as a depot.他们租用这栋大楼作仓库。

8 craftsman   

n.技工，精于一门工艺的匠人

参考例句：

• A cabinet maker must be a master craftsman.家具木工必须是技艺高超的手艺人。
• The craftsman is working up the mass of clay into a toy figure.艺人把一团泥捏成玩具形状。

9 merger   

n.企业合并，并吞

参考例句：

• Acceptance of the offer is the first step to a merger.对这项提议的赞同是合并的第一步。
• Shareholders will be voting on the merger of the companies.股东们将投票表决公司合并问题。

10 shareholders   

n.股东( shareholder的名词复数 )

参考例句：

• The meeting was attended by 90% of shareholders. 90%的股东出席了会议。
• the company's fiduciary duty to its shareholders 公司对股东负有的受托责任