Hoffman Estates, IL, February 3--Sears said it will change its listing to the Nasdaq Stock Market after its purchase by Kmart, ending the retailer's nearly 100-year association with the New York Stock Exchange.
Sears said in a filing with the U.S. Securities and Exchange Commission on Tuesday that the move will occur once its merger with Kmart is complete. The combined company will be called Sears Holdings Corp.
"We have applied for quotation of Holdings common stock on the Nasdaq Stock Market," Sears said.
Sears has made the Big Board its home since 1910, and enjoys the exchange's elite single-letter listing. It will continue to trade on the NYSE until the merger is complete.
In a statement, Robert Greifeld, president and chief executive of the Nasdaq Stock Market, said the market was "proud" to have the listing.
"Sears joins industry leaders who value a transparent marketplace and who seek to redefine their respective industries through leadership and innovation," he added.
A source familiar with the discussions said the NYSE and Nasdaq competed fiercely for the listing.
"It should be understood that Kmart, a Nasdaq-listed company, was the acquiring company in this transaction. Sears' application for a Nasdaq quotation was expected," said an NYSE spokesman.
