Sears predicts Kmart restructuring charge

Sears Holdings Corp. on Thursday said restructuring charges for relocation costs and termination benefits associated with its takeover by Kmart Holding Corp. could total about $60 million.

The retailer said in a filing with the Securities and Exchange Commission that about $30 million would come from costs to relocate employees, with the balance representing termination-related costs for affected Kmart employees.

But Sears said the final cost of the blockbuster deal still would depend on the number of employees who accept relocation offers to remain with the company.

Kmart has a distribution center in Lawrence.

Sears Holdings was formed in March by Kmart’s acquisition of Sears, Roebuck and Co. The company’s shares rose $8.37, or 5.7 percent, Thursday to close at $156.52 on Nasdaq.

Promotion

Subway drops cards for free sandwiches

The Subway restaurant chain said Thursday it was ending its decades-old free sandwich promotion, amid concerns that counterfeiters have been creating and selling copies of the restaurant’s proof-of-purchase stamps and cards.

Subway, which operates more than 23,000 restaurants in 82 countries, joins a growing list of businesses – from pharmaceutical companies and cigarette manufacturers to recording studios and clothing designers – who say counterfeiters have hurt their bottom line.

Under the Sub Club promotion, which had run in some form since the 1980s, customers received a stamp for every six-inch sandwich they bought. A full card of eight stamps could be redeemed for a free sandwich.

But with thousands of stamps for sale at online auction sites, Subway officials said franchise owners increasingly were discovering counterfeit stamps.

Gaming

New Vegas casino rolls in revenue

Wynn Las Vegas, the city’s most expensive hotel-casino, generated gambling revenue of $64.3 million in its first 34 days of operation, exceeding some analysts’ expectations.

The average daily room rate at the $2.7 billion resort, which opened April 28, was $308, with occupancy averaging 91 percent, Wynn Resorts said.

Shoes

Stride Rite Corp. to buy Saucony

Stride Rite Corp. said Thursday it was acquiring Saucony Inc. for $170 million.

The cash deal comes 10 months after Saucony hired an investment bank to help it consider strategic options including a possible sale.

Saucony’s products include the Saucony brand, which targets serious runners, plus Spot-bilt workplace shoes and Hind athletic apparel.

The deal is expected to extend the range of Stride Rite’s line, which includes shoes sold under the Keds, Sperry Top-Sider, Tommy Hilfiger and Grasshoppers names.