KMART COMPLETES ACQUISITION OF OFFICEMAX
KMART COMPLETES ACQUISITION OF OFFICEMAX TROY, Mich., Nov. 21 /PRNewswire/ -- Kmart Corporation (NYSE: KM)
announced today that it had completed the previously announced acquisition of all of the outstanding shares of OfficeMax, Inc., except for approximately 7 percent of the shares which will be owned by the company's founders Michael Feuer and Robert Hurwitz. Both executives will continue with the company, Feuer as president and chief executive officer and Hurwitz as vice chairman. The aggregate purchase price paid by Kmart for OfficeMax was based upon a total OfficeMax value of approximately $210 million, including Kmart's previously acquired interest and the shares retained by management.
OfficeMax, in which Kmart previously had a 21.6-percent equity interest, is a Cleveland-based office supply superstore chain operating 66 stores in 11 states. Kmart Corporation serves America with over 4,000 retail outlets in all 50 states in the United States and in Puerto Rico and Canada. Kmart, currently operating 2,356 Kmart stores, is also the parent company for Pay Less Drug Stores, Builders Square, Waldenbooks, PACE Membership Warehouse and The Sports Authority, Kmart stock is traded on the New York, Pacific, Midwest and Tokyo stock exchanges. Its trading symbol is KM. -0- 11/21/91 /CONTACT: Orren F. Knauer of Kmart Corporation, 313-643-1040/ (KM) CO: Kmart Corporation; OfficeMax, Inc. ST: Michigan, Ohio IN: REA SU: TNM ML -- DE021 -- 5981 11/21/91 14:32 EST
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|Date:||Nov 21, 1991|
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