Kmart Demands Loan Repayment
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Kmart Corp. demanded the repayment of all executive retention loans made before the discount retailer filed for bankruptcy protection and fired the five remaining recipients of the bonuses still with the company.
An internal probe found that management under former Chairman Charles Conaway didn’t properly disclose information with the board when it set up the loan program in 2001, Kmart said. The retailer loaned more than $30 million to dozens of executives in the year before its January 2002 bankruptcy filing.
Kmart shares, which trade in the so-called pink sheets market, fell 1 cent to 17 cents.
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