Kmart buys back own web unit

NEWS US retail giant Kmart is to pay $84m in cash and stock for the e-tail business it set up and then spun off. BlueLight.com was already partly owned by Kmart, but the US retail giant will invest a further $120m to reintegrate the unit back into its business. In a statement, Chuck Conaway, chairman and CEO of Kmart, said: "With the future of retail evolving into an integrated bricks-and-clicks model, Kmart is very pleased that the BlueLight.com stockholders voted in favor of the merger." The buy-out echoes an earlier move by rival Wal-Mart to buy back its web unit and absorb it back into the mainstream business