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KMART ANNOUNCES NEW EXECUTIVE APPOINTMENT

 TROY, Mich., Jan. 25 /PRNewswire/ -- Kmart Corporation (NYSE: KM) today announced that PACE Membership Warehouse, Inc. president and chief executive officer, Charles E. Steinbrueck, has resigned to pursue other business interests. Steinbrueck, one of the founding executives of PACE, has been associated with the company since 1983.
 "Charlie Steinbrueck's contributions to PACE have been many and he will be missed," said George Mrkonic, executive vice president, Kmart specialty retail group.
 Effective Feb. 8, 1993, Thomas R. Grimm, 48, will join PACE as president and chief executive officer, replacing Steinbrueck. Grimm will report to Mrkonic.
 "Grimm's extensive management experience and background in warehouse club merchandising is a great asset toward the future growth of PACE," said Mrkonic.
 Grimm founded Price Savers warehouse club in 1983 and served as the company's president and chief executive officer. During his tenure, Price Savers grew to a 17-store warehouse club chain with operations in five western states and revenues of $900 million. Price Savers was acquired by PACE in December 1990.
 Most recently, Grimm founded the Majestic Grain Bread Company in Bountiful, Utah. Grimm began his retailing career with Target Stores, a division of Dayton Hudson Corporation. Grimm also has held senior management positions with Grand Central Stores, Medi Mart, Cunningham Drugs and Venture stores.
 Grimm received his B.A. in business management from Weber State College. He also has served on the Weber State University - Business Advisory Board, Westminister College - Gore School of Business Advisory Board, University of Utah - David Eccles School of Business, Emerging Business and Entrepreneurial programs, and the Lotus Project Business Incubator for the Homeless.
 Kmart Corporation serves America with more than 4,750 retail outlets in all 50 states in the United States, Puerto Rico and Canada. Its international operations extend to Australia, the Czech Republic and Slovakia. Kmart, currently operating 2,411 Kmart stores, is the parent company for PACE Membership Warehouse, Builders Square, PayLess Drug Stores, Waldenbooks, The Sports Authority, OfficeMax and Borders.
 --? 1/25/93
 /CONTACT: Doug Hock of PACE Membership Warehouse, 303-843-8543; or Mary McGeachy of Kmart Corporation, 313-643-1021/
 (KM)


CO: Kmart Corporation; PACE Membership Warehouse, Inc. ST: Michigan IN: REA SU: PER

DH -- DE028 -- 8635 01/25/93 15:04 EST
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Publication:PR Newswire
Date:Jan 25, 1993
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