📅 - Kmart Corp announced yesterday that it is taking over Bluelight.com, its free ISP service and e-commerce entity.
The San-Francisco based Bluelight.com is an independent company majority owned by the retail giant, formed in 1999 to increase online sales. While the e-tailer brought in some extra revenue, it wasn?t sufficient to survive as a standalone free ISP. Bluelight.com was created from the now-defunct Spinway, one of several free ISPs that went under last year. Kmart's decision to fully acquire all shares and interests not currently owned comes two months after the parent company dismissed Bluelight's top management, and cut 38 other jobs in order to streamline marketing and merchandising departments. They also changed the free ISP model to increase sales and save bandwidth. Officials of the company expect the merger to complete by Aug. 1, although it is subject to shareholder approval. Following the news, Kmart shares fell 39 cents, or 3.5 percent, to $10.71 on the New York Stock Exchange.
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