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SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
Current Report Pursuant
to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported) June 6, 1994
KMART CORPORATION
(Exact Name of Registrant as Specified in Its Charter)
Michigan
(State or Other Jurisdiction of Incorporation)
1-327 38-0729500
(Commission File Number) (I.R.S Employer Identification No.)
3100 West Big Beaver Road, Troy, Michigan 48084
(Address of Principal Executive Offices) (Zip Code)
(810) 643-1000
(Registrant's Telephone Number, Including Area Code)
N/A
(Former Name or Former Address, if Changed Since Last Report)
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Item 5. Other Events.
On June 6, 1994, Kmart Corporation issued the following "press
release:"
"TROY, Mich. - Kmart Corporation today announced it will move forward with its
action plan to improve the performance of U.S. Kmart stores while the company
analyzes other alternatives related to its specialty operations.
Kmart Chairman, president and CEO, Joseph E. Antonini said the company's
commitment and financial capability to complete its store modernization
program are not affected by the Specialty Retail Stock Proposal not passing.
"Kmart's balance sheet is strong due to major reductions in inventory investment
and outstanding debt, and we expect our balance sheet to grow even stronger
during the year," said Antonini.
"In the weeks ahead, Kmart will examine the various alternatives available to
maximize the value of our specialty retail businesses," said Antonini. "While
we are disappointed that the Prosposal did not pass, we are committed to
boosting profitability, reviewing all alternatives and taking actions that are
in the best interests of Kmart shareholders."
To improve the performance and results of its core discount business, Kmart
will focus on an action plan outlined to shareholders during its June 3rd
Annual Meeting. The plan is aimed at delivering improved value to the
company's shareholders by boosting sales, completing store modernization,
strengthening customer commitment and reshaping the culture within Kmart.
Through an extensive reassessment of its core business, Kmart already has
identified a number of initiatives to improve profits, including savings of more
than $100 million to be realized by year-end and more significant benefits in
1995.
Kmart Corporation serves America with more than 4,000 retail outlets including
Kmart stores, Builders Square, Borders and Waldenbooks, The Sports Authority
and OfficeMax. In addition to serving all 50 states, Puerto Rico, the U.S.
Virgin Islands and Canada, Kmart operations extend to Australia, the Czech
Republic, Slovakia, Mexico and Singapore.
*Note: The Proposal received the favorable vote of a significant majority of
the votes cast but due to a higher than usual number of unvoted shares, the
Proposal did not receive a majority of the outstanding shares as required by
Michigan law."
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
KMART CORPORATION
(Registrant)
Date: June 8, 1994 By: /s/ NANCIE W. LADUKE
Vice President and Secretary
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