It really listened to its shareholders. On Aug. 17, two months after investors voted down Kmart management's restructuring scheme, the troubled retailer offered Plan B. This one calls for spinning off majority interests in three specialty retailers, raising funds to be plowed back into core discount stores. First on the block: the OfficeMax office-supply chain, to be followed by Sports Authority and Borders/Walden bookstores. Investors indicated support for the new strategy.

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