July 3, 1997
Robert M. Burton
KMART CORPORATION SIGNS DEFINITIVE AGREEMENT TO PURCHASE 20 STORES FROM VENTURE STORES, INC.
TROY, Mich., July 3, 1997 -- Kmart Corporation (NYSE: KM) said today that it has signed a definitive agreement to acquire 20 stores from Venture Stores, Inc. (NYSE:VEN).
Under the terms of the agreement, Kmart would assume occupancy of the sites approximately 60 days after closing, following a liquidation of inventory by Venture. The sale, which is subject to regulatory approval and certain terms and conditions, is expected to be completed in July.
Of the 20 stores, 10 are located in Houston, five in Dallas, two in Indianapolis, and one each in Tulsa, Oklahoma, Des Moines, Iowa and Waterloo, Iowa.
"These stores fit well with Kmartís existing locations in key metropolitan areas and will add significantly to our market penetration in the Dallas and Houston markets," said Larry Kellar, Vice President, Real Estate for Kmart Corporation.
Kmart Corporation serves America with 2,122 Kmart retail outlets. Kmart Corporation common stock is listed on the New York, Pacific and Chicago Stock Exchanges.