Sponsorships Advertising Marketing

KMART BLAMES FORMER SPECIALTY UNITS FOR SOME PROBLEMS

12.21.1995

     Kmart reached an agreement with bondholders yesterday,
staving off creditors and allowing the company more time to
correct its troubles.  But the company still blames former
specialty units, including Sports Authority, for $95M in real
estate debt.  Robert Berner reports in this morning's WALL STREET
JOURNAL that Kmart wants to be reimbursed by OfficeMax and
Borders Group, along with The Sports Authority, but the three
have only agreed to pay back $69M of the $95M asked.  OfficeMax
and Borders have refused to pay any more, while Sports Authority
is "still weighing the matter" (WALL STREET JOURNAL, 12/21).

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