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November 13, 1997 Teresa Stephens, or Steve Pagnani Robert M. Burton KMART CORPORATION ANNOUNCES VOLUNTARY EARLY RETIREMENT PROGRAM TROY, Mich., Nov. 13, 1997 Kmart Corporation today announced that it is extending a Voluntary Early Retirement Program to about 28,500 hourly associates in its stores, district and regional offices, and headquarters. Eligible associates will receive informational packets from the company by November 17, 1997 and must decide within 45 days if they wish to participate in the early retirement program.
"The Voluntary Early Retirement Program will help Kmart to adjust its cost structure, improve upon its mix of part-time and full-time jobs, generate new promotional opportunities for store associates, and better align its hourly wages with the marketplace," said Warren F. Cooper, Executive Vice President, Human Resources and Administration. "The savings for the company will depend on the number of associates who elect to participate as well as the composition of the replacement workforce."
To be eligible for the Voluntary Early Retirement Program, hourly associates must: work in a store, district or regional office, or headquarters; be at least 45 years of age with at least 10 years of Kmart service by December 31, 1997; and be participants in the Company's pension plan.
Associates who decide to participate will be eligible to receive an enhanced pension benefit which can be taken as a one-time, lump sum or as a monthly annuity. The Voluntary Early Retirement Program is not being offered to management or associates who work at the company's distribution centers.
Kmart Corporation serves America with 2,122 Kmart, Big Kmart and Super Kmart stores. In addition to serving all 50 states, Kmart operations extend to Puerto Rico, Guam and the U.S. Virgin Islands. More information about Kmart is available on the World Wide Web at www.kmart.com. |