Sears, Belnick, Kohls and Walmart have all been looking to sell some of their brands, with Walmart announcing plans to sell its Kmart chain and Belnick’s to a new buyer.
Belnick Retail and Sears are selling a number of its brands, including Sears, Walmart, Macy’s and Kohl-Mart.
The deal is being led by Belnick retail and Sears, which are led by co-CEO David Belnick.
The two have been in talks for several years, with the company previously announcing it was exploring a sale of its Sears brand.
Kohl’s said Friday it was “very excited” to be part of the deal, which it called a “transformational opportunity.”
The company’s CEO, Kenneth Kohl, said in a statement that “Kohl has a long history of excellence and our focus on quality is a cornerstone of our culture.”
Kohl said it will be the “largest, most trusted brand name in the world” when it moves to the new owners.
It also will expand into a global network of more than 1,000 stores, including stores in Canada and the United Kingdom.
Kohl, who is in his fourth year as CEO, said the companies will also explore other strategic opportunities.
The companies are not buying each other’s assets, but will be “working together to find an acquisition partner,” Kohl said.
He did not elaborate.
Koch said it was committed to continuing to build the brands and products of Belnick and Sears.
Kinder Morgan, the nation’s largest retail bank, also said Friday that it would buy Belnick as part of a “mutual transaction.”
Kinder said it has agreed to acquire Belnick for $1.4 billion.
The combined company will be led by Kohl and former Sears CEO Jim Sargent.
The bank has been working with the Belnick group for the past year, and the deal will add more than 400 stores to its network of nearly 3,000.
The merged company will operate Sears and Belnik as a wholly owned subsidiary, with a single headquarters in Charlotte, N.C.
Kendall’s is also moving into the Belnik and Sears network, with plans to expand into the U.K. and Australia.