HOFFMAN ESTATES, Ill. -- Sears, Roebuck & Co. here said last week it would acquire 54 Kmart stores and seven locations from Wal-Mart Stores, Bentonville, Ark., and convert them to an off-mall food and general merchandise format similar to that of Sears Grand. Three of the acquired Kmart stores will re-open under the Sears Grand banner, while the remaining locations will trade under the Sears name but feature a product mix and design similar to Grand, said Alan J. Lacy, Sears' chief ...

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