Kmart board defers actionWith impatient shareholders...


June 22, 1994

Kmart board defers action

With impatient shareholders pressing Kmart Corp. to fix its money-losing discount stores, the board of directors met for five hours yesterday, but made no decisions on what to do.

The board was to consider several options for the units, including selling them off entirely or partially. At the June 3 annual meeting, shareholders rejected a management plan to sell "target stock" linked to the performance of each of the divisions.

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