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Sears and Kmart merge; cuts planned.

Following the recent $11 billion merger between Kmart Holding Corp., Troy, Mich., and Sears, Roebuck and Co., Hoffman Estates, Ill., four top executives from Sears Roebuck and Co. were let go and a fifth will retire, The Chicago Sun-Times reports.

In related news, The Associated Press

reports the new company, Sears Holding Corp., plans a "mass layoff" of 250 workers at its headquarters, and will cut pay and benefits for its 400,000 workers early next year.

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