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March 31, 2015 7:33 AM ET

Internet and Catalog Retail

Company Overview of Kmart Corporation

Company Overview

Kmart Corporation operates discount retail stores that markets general merchandise under Jaclyn Smith and Joe Boxer labels, as well as Sears brand products such as Kenmore, Craftsman, and DieHard. It also markets its products online. The company was formerly known as S. S. Kresge Company, Inc. and changed its name to Kmart Corporation in 1977. The company was founded in 1899 and is based in Troy, Michigan. Kmart Corporation operates as a subsidiary of Sears Holdings Corporation.

3100 West Big Beaver Road

Troy, MI 48084

United States

Founded in 1899

Phone:

248-463-1000

Fax:

248-643-5249

Key Executives for Kmart Corporation

President
Age: 52
Compensation as of Fiscal Year 2014.

Kmart Corporation Key Developments

Nike Fights Converse Knockoffs

Converse is suing Skechers USA, Wal-Mart Stores Inc., FILA, Ed Hardy, K-Mart Corp. and Ralph Lauren Corp., among many others. It says the companies are infringing on trademarks that cover the look of the shoe and the diamond pattern on the bottom of the sole. The North Andover, Mass., company filed its lawsuits in the Eastern District of New York and in the International Trade Commission. Converse says look-alike Chuck Taylor shoes have become more common in recent years, and says it has served about 180 cease-and-desist letters related to the issue since 2008.

Sears Holdings Corporation, Through Sears, Roebuck and Co., Sears Development Co., and Kmart Corporation Enter into $400 Million Secured Short-Term Loan

Sears Holdings Corporation, through Sears, Roebuck and Co., Sears Development Co., and Kmart Corporation, entities wholly-owned and controlled, directly or indirectly by the company, entered into a $400 million secured short-term loan with JPP II, LLC and JPP, LLC (together, the lender), entities affiliated with ESL Investments Inc. The first $200 million of the loan was funded at the closing on September 15, and, subject to the satisfaction of certain post-closing conditions, $200 million will be funded on September 30, 2014. The company expects to use the proceeds of the Loan for general corporate purposes. The loan is scheduled to mature on December 31, 2014, but as long as there is no event of default, the maturity date can be extended to February 28, 2015 at the discretion of the company upon the payment of an extension fee equal to 0.5% of the principal amount. The loan will have an annual base interest rate of 5%. The borrowers are required to pay an upfront fee of 1.75% of the full principal amount. The loan is guaranteed by the company and is secured by a first priority lien on 25 real properties owned by the borrowers.

Kmart Corporation Announces Unaudited Earnings Results for the Second Quarter and Six Months Ended August 2, 2014; Reports Impairment Charges for the Second Quarter Ended August 2, 2014

Kmart Corporation announced unaudited earnings results for the second quarter and six months ended August 2, 2014. For the quarter, the company reported merchandise sales and services revenues were $2,923 million compared to $3,168 million for the same period a year ago. Operating loss was $142 million compared to $56 million for the same period a year ago. Adjusted LBITDA was $120 million compared to $30 million for the same period a year ago. Comparable stores sales were down 1.7% for the quarter as compared to a 2.1% decline last year, also despite the continuing impact of consumer electronics industry trends, as well as the impact of grocery & household goods business. Excluding the impact of both, comparable store sales would have declined 1.0%. For the six months, the company reported merchandise sales and services revenues were $5,820 million compared to $6,271 million for the same period a year ago. Operating loss was $240 million compared to $84 million for the same period a year ago. Adjusted LBITDA was $207 million compared to $30 million for the same period a year ago. The company reported impairment charges of $2 million for the second quarter ended August 2, 2014.

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