Kimco to Aid in Sale of Closing Kmarts

Kmart Corp., the bankrupt retailer based in Troy, Mich., has reached an agreement with Kimco Realty Corp., New Hyde Park, N.Y., for the joint marketing of about 317 Kmart locations and related properties that Kmart has received court approval to close.Under the agreement, Kimco or its affiliate will work with Kmart to identify retailers, investors, landlords, and other parties that may be interested in buying the properties, which are located in 44 states and Puerto Rico, Kmart said. Kimco, a real estate investment trust that specializes in acquiring, developing, and managing shopping centers, may invest in, redevelop, or improve the Kmart properties to maximize their value. Store closings will continue for two to three months, Kmart said. The retailer and 37 of its U.S. subsidiaries filed for Chapter 11 bankruptcy protection in January 2002. It can be found online at http://www.kmart.com, and Kimco can be found at http://www.kimcorealty.com.