RETAILING

Kmart Secures Credit From Chemical Bank: The Troy, Mich.-based firm said Chemical Bank has agreed to provide it with $3.7 billion worth of credit in the next three years in a deal the struggling retailer said is key to its turnaround plans. Kmart Corp. has been renegotiating its revolving credit arrangements for several months, since Wall Street investment services lowered to junk status their ratings on $6.8 billion worth of Kmart debt. The new arrangements will provide $700 million of additional credit that will provide the company with more than sufficient liquidity, Kmart Chairman Floyd Hall said in a news release. Kmart said Chemical Bank will organize a group of lenders to provide the retailer with a $2.5-billion revolving credit line and a $1.2-billion term-loan line. Chemical will provide $500 million of the financing.