WASHINGTON, Dec. 30 (UPI) -- Michigan-based Kmart is giving up an $800 million line of credit with General Electric's finance unit, American City Business Journals reports.

The move comes just weeks after its more than $10 billion buyout of Hoffman Estates, Ill.-based Sears, Roebuck and Co.

Kmart had established the credit line with General Electric Capital Corp.

Kmart reported the move in a filing Wednesday to the U.S. Securities and Exchange Commission.

Kmart said in the filing that it was "no longer cost effective" to maintain the credit line "in light of the company's strong balance sheet and liquidity position."

The credit agreement, which was signed in May 2003, will end Jan. 3, 2005.