RETAILING

Kmart Says Requisite Banks Approve Financing: The discount retailer said the banks have agreed to adjust terms on about $548 million in debt and extend the term of some revolving credit. The agreement eliminated the possibility that Troy, Mich.-based Kmart Corp. would have to immediately pay back much of its real estate debt if its credit rating should fall below investment grade, or to “junk” status. It was feared such payments would have been so burdensome that Kmart would have been forced to seek Bankruptcy Court protection from its creditors. Last month, Kmart said it had reached preliminary agreements to adjust the terms on the debt. At that time, the company said lead banks and 20 of the 22 other institutions had approved the agreement.