OTHER NEWS - June 16, 1994
From Times Staff and Wire Reports
Kmart May Offer Public Stake in Specialty Stores: The retailer may spin off 20% to 30% stakes in its specialty retail stores through public offerings, the New York Times reported. As early as next Tuesday, Chairman and Chief Executive Joseph E. Antonini is expect to present Kmart Corp.’s board with a plan to raise between $600 million and $900 million through partial spinoffs of Kmart’s specialty chains. Antonini’s previous plan to issue new classes of stock tied to its specialty retail units failed to win shareholder support earlier this month. The specialty chains include Waldenbooks, Borders, Builder’s Square, Sports Authority and OfficeMax.
