KMART CORPORATION ANNOUNCES THE POSSIBLE SALE OF PAYLESS DRUG STORES NORTHWEST, INC.
TROY, Mich., Aug. 4 /PRNewswire/ -- Kmart Corporation (NYSE: KM) today announced that it is exploring the possible sale of its PayLess Drug Stores Northwest, Inc. subsidiary. "Over the last year or so, we have analyzed each of our businesses with respect to their strategic fit at Kmart," said Joseph E. Antonini, chairman of the board and chief executive officer. "Included in this process has been our previously announced consideration of selling minority interests in one or more Kmart Specialty Retail Group companies in order to enhance shareholder value. This process also includes the consideration of the outright sale of the PayLess business." "We can't at this time predict the outcome of this process which is currently ongoing," said Antonini. "And we continue to study other ways to enhance shareholder value." PayLess Drug Stores, a wholly owned subsidiary of Kmart, is a leading drug store chain with 560 stores in 12 western states. In 1992, PayLess had sales of $2.3 billion and operating income of $113 million. Kmart Corporation serves America with over 4,000 retail outlets in all 50 states in the United States and in Puerto Rico, Canada, the Czech Republic and Slovakia. Kmart, currently operating 2,423 Kmart stores, is also the parent company for PACE Membership Warehouse, Builders Square, Waldenbooks, The Sports Authority, OfficeMax and Borders, in addition to PayLess Drug Stores. Kmart Corporation's stock is listed on the New York, Pacific and Midwest Stock Exchanges. Its trading symbol is KM. -0- 8/4/93 /CONTACT: Orren F. Knauer or Lois M. Connelly, Investor Relations, Kmart Corporation, 313-643-1040/ (KM)
CO: Kmart Corporation; PayLess Drug Stores Northwest, Inc. ST: Michigan, Oregon IN: REA SU:
JG -- DE015 -- 9348 08/04/93 11:53 EDT
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|Date:||Aug 4, 1993|
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