Investor Edward Lampert purchased Kmart out of bankruptcy in 2003 and bought Sears, Roebuck & Co. a year later. Since 2004 Sears Holdings operates both Kmart and Sears stores.
As a connected topic, Warren Buffet recently sold all shares of Walmart, which had been owned for many years. A revealing comment, "Have you ever heard of a successful retail turnaround ?"