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KMART CORPORATION ANNOUNCES FORMATION OF THE BORDERS-WALDENBOOKS GROUP

 TROY, Mich., January 5, 1994 /PRNewswire/ -- Kmart Corporation
 (NYSE: KM) today announced it will combine its Borders and
 Waldenbooks subsidiaries to form The Borders-Waldenbooks Group in
 the anticipation of a public offering of targeted stock in this
 entity.
 "Borders and Waldenbooks operate the most effective stores in their
 respective segments of book retailing," said George R. Mrkonic,
 executive vice president of the Kmart Specialty Retail Group, and
 chairman of The Borders-Waldenbooks Group. "By creating
 The Borders-Waldenbooks Group, Kmart will realize synergies between
 the two companies by creating common incentives and common executive
 leadership. These synergies should create immediate benefits to
 customers of Borders and Waldenbooks and our shareholders."
 Robert F. DiRomualdo will become president and chief executive
 officer of The Borders-Waldenbooks Group, as well as retain the
 title of chief executive officer of Borders. Richard L. Flanagan,
 currently chief financial officer of Borders, will become president
 and chief operating officer of Borders. Charles Cumello will
 continue as president and chief executive officer of Waldenbooks.
 Waldenbooks is the largest mall book seller with 1,232 stores and
 estimated 1993 sales of $1.15 billion. Borders operates 43 book
 superstores and is expected to generate sales of $230 million in
 1993.
 -0- 1/5/94
 /CONTACT: Orren F. Knauer or Lois M. Connelly of Kmart Investor Relations, 313-643-1040; or Robert F. DiRomualdo of Borders, 313-995-8282/
 (KM)


CO: Kmart Corporation; Borders; Waldenbooks ST: Michigan IN: REA SU: RCN

DC -- DE005 -- 9177 01/05/94 08:20 EST
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Publication:PR Newswire
Date:Jan 5, 1994
Words:244
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