Sears, started with selling watches through catalogs in 1886, later the company became known for its Craftsman tools and Kenmore appliances. Sears struggled with the sale of clothing and other soft line products, which lead to Kmart Holding Corporation acquiring Sears Roebuck Company for 11.5 billion dollars in 2005 (Merrick, Berman, 2004). After acquisition in 2005, Kmart Holding Corporation combined with Sears Roebuck Company to create Sears Holdings, which at the time was the largest retail merger. Mergers in particular are often bankrolled with stock, a high stock value permits companies the resources with which to make purchases (Stunda, 2017). Sears Holdings corporate strategy was to utilize horizontal integration with the acquisition
