NEW YORK — Home Depot Inc., a major U.S. home improvement retailer, and Kmart Inc., which sells furniture and other home goods, announced Tuesday they will merge their businesses into one that will include more than 100,000 employees.
The transaction was completed earlier this year.
Home Depot, which operates a nationwide network of more than 11,000 retail stores and more than 3,000 home improvement and architectural centers, has said it expects to generate revenue of more then $2 billion in 2019 and $3 billion in 2020, up from about $1 billion and $2.6 billion in 2018 and 2019.
The deal would bring together Home Depot and KMart, the second and third largest U.K. home furnishing retailers.
Home Depot operates about 40 stores in the U..
S., while Kmart has about 5,000 stores.
Home, which has about 40,000 U.N. employees, is seeking to expand its reach in the marketplace by offering more value-added products and services, including in-home appliances and other homes, said CEO Mark Mulcahy in a statement.
Home, KMart and other U.C.L.A. (U.S.) companies have been struggling with a $17 billion loss in the first three months of the year.
Home is expected to generate between $700 million and $800 million in 2019.