Printer Friendly

KMART COMPLETES ACQUISITION OF BORDERS

 KMART COMPLETES ACQUISITION OF BORDERS
 TROY, Mich., October 30, 1992 /PRNewswire/ --Kmart Corporation
 (NYSE: KM) and Borders, Inc. today announced that Kmart has
 completed its previously announced acquisition of Borders in a
 stock-for-stock exchange in which Kmart has issued Convertible
 Preferred Stock in exchange for all outstanding Borders stock.
 Borders, headquartered in Ann Arbor, Michigan, operates a chain of
 22 book superstores in the Midwest and Northeast which feature over
 100,000 titles per store, a comfortable browsing atmosphere and a
 staff committed to quality customer service. Borders has joined the
 Kmart Specialty Retail Group.
 This year, Waldenbooks, a wholly owned subsidiary of Kmart, entered
 the book superstore business with the opening of three Basset Book
 Shops in the Northeast. Over the near term, Basset and Borders will
 each continue with their expansion efforts. The precise nature and
 structure of the long-term relationship between Basset and Borders
 will be determined over the next several months.
 Kmart Corporation serves America with over 4,000 retail outlets in
 all 50 states in the United States and in Puerto Rico, Canada and
 Czechoslovakia. Kmart, currently operating 2,383 Kmart stores, is
 also the parent company for PACE Membership Warehouse, Builders
 Square, PayLess Drug Stores, Waldenbooks, The Sports Authority and
 OfficeMax.
 Kmart Corporation's stock is listed on the New York, Pacific and
 Midwest Stock Exchanges. Its trading symbol is KM.
 -0- 10/30/92
 /CONTACT: Orren F. Knauer, Director-Investor Relations, Kmart Corporation, 313-643-1040/
 (KM) CO: Kmart Corporation; Borders, Inc. ST: Michigan IN: REA SU: TNM


JG -- DE022 -- 7139 10/30/92 13:17 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 30, 1992
Words:260
Previous Article:DODGE INTREPID BEGINS NATIONWIDE MALL TOUR
Next Article:GATX DECLARES DIVIDENDS
Topics:


Related Articles
KMART CORPORATION ANNOUNCES BORDERS 1992 RESULTS
KMART CORPORATION ANNOUNCES FORMATION OF THE BORDERS-WALDENBOOKS GROUP
KMART CORPORATION ANNOUNCES BORDERS-WALDEN GROUP 1993 RESULTS
WHO IS BORDERS? KMART CORP. ANNOUNCEMENT SPARKS INTEREST
WHO IS BORDERS? KMART CORP. ANNOUNCEMENT SPARKS INTEREST
KMART CORPORATION AND BORDERS GROUP, INC. ANNOUNCE FILING FOR INITIAL PUBLIC OFFERING BY BORDERS GROUP
KMART CORPORATION AND BORDERS GROUP ANNOUNCE INCREASE IN SIZE OF BORDERS GROUP IPO
BORDERS GROUP REPORTS Q2, ANNOUNCES NEW BOARD OF DIRECTORS, AND COMPLETES SHARE PURCHASE
KMART CORPORATION ANNOUNCES AGREEMENT TO SELL BORDERS GROUP, INC. STOCK
BORDERS GROUP ANNOUNCES GOODWILL CHANGE, SHARE PURCHASE, OPERATING TRENDS

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters