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Sears to shut down more than 100 US stores

Wed, 12/28/2011 - 14:04 by Sam Ross

Sears Holding Co., parent company of Sears and Kmart, has announced the closure of its more than 100 stores in United States next year.

Gomez, Kmart team up for clothing line

Thu, 04/01/2010 - 10:07 by Rakhi

Hoffman Estates, Ill. -- U.S. retailer Kmart has announced it is working with actress and singer Selena Gomez on a line of fashion clothing and accessories.

Kmart and Gomez, along with her master licensee Adjmi Cynosure Holdings, are collaborating on Dream Out Loud by Selena Gomez, a collection of value-priced fashions inspired by Gomez's signature style and aimed at juniors.

The line will be available at Kmart stores and Kmart.com at the end of July. The collection will include junior sportswear, handbags, belts, scarves, hats, hair accessories, socks/hosiery and, as of October, footwear.

Former Kmart CEO hit with $10M penalty

Fri, 02/26/2010 - 22:53 by Inderjit Singh

Detroit -- A judge in Detroit ordered a former Kmart chief executive officer to pay more than $10 million for misleading investors before the retailer's 2001 bankruptcy.

Charles Conaway, who earned $1 million a month during a 20-month stint as Kmart's CEO, was ordered to pay repay the company a previously forgiven $5 million loan, plus interest on the loan and $2.5 million as a civil penalty, The Detroit News reported Friday.

The Securities and Exchange Commission filed charges against Conaway in 2005, charging the CEO and former Chief Financial Officer John McDonald with conspiring to cover up the company's financial difficulties with a strategy called "Project Slow it Down."

Retailers settle lead paint case in Calif.

Fri, 11/06/2009 - 21:56 by Inderjit Singh

Oakland -- Three of the largest U.S. retail firms, Target, Kmart and Toys R Us agreed to settle a lawsuit in California over selling toys that exceed lead paint standards.

The retailers agreed to pay $454,000 in civil penalties, The Los Angeles Times reported Friday.

"Our enforcement action will serve as a reminder to companies that they have a responsibility to make sure that children aren't exposed to harmful chemicals from their toys," state deputy attorney general Harrison Pollak said.

The lawsuit was filed two years ago after a rash of toy recalls, the newspaper said.

In the settlement, Target is scheduled to pay $210,000, Toys R Us $175,000 and Kmart $69,000.

Copyright 2009 by United Press International.

Kmart aims to appease frugal shoe shoppers

Fri, 02/20/2009 - 08:14 by Rakhi Kaptiyal

Chicago -- Kmart has changed its line up in the shoe department, aiming to attract the frugal U.S. shopper, a company executive said.

The mega-retailer has introduced 1,000 new shoe styles since the company's owner Sears Holdings Corp. cut its ties with Footstar Corp. on Jan. 1, the Chicago Sun-Times reported Thursday.

"We were neglecting to serve our Hispanic and African-American customers,"
said Nick Grayston, president of footwear for Sears.

Last weekend, Kmart used the National Basketball Association All-Star event as a launching pad for the "Protege" a sneaker co-designed by New York Knicks player Al Harrington.

Other shoe stores are also out to court bargain-hunters, the female version of which is known as the "frugalista," the newspaper said.