Kmart Gets Help With Real Estate Organization

Kmart Corp., the largest retailer ever to file for Chapter 11 bankruptcy reorganization, hired Rockwood Gemini Advisors to guide the company in the financial review of its real estate assets.

The U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, approved the hiring of Rockwood Gemini last week, said Dan McNulty, president of New York-based Rockwood Realty Associates. A Kmart spokesman, Jack Ferry, confirmed the hiring.

Troy, Mich.-based Kmart said last week it expects to reveal on March 20 which stores it will close. Analysts have said Kmart may shutter as many as 500 of its more than 2,100 stores.

Rockwood Gemini is a venture between Rockwood Realty and Gemini Realty Advisors that helps companies in the sale and restructuring of real estate assets.

Kmart filed for Chapter 11 protection in Chicago last month.