Kmart Pulled From NY Stock Exchange

Kmart Corp. (Troy, Mich.) has been informed by the New York Stock Exchange that its common stock will be suspended from trading prior to the market opening on Thursday, Dec. 19, 2002.

The NYSE had notified the bankrupt retailer in July that it was not in compliance with continued listing requirements and that Kmart's common stock could be subject to delisting. Kmart said it expects that the Chicago Exchange and the Pacific Exchange, on which its common stock is also listed, will also suspend trading and commence delisting proceedings.

Kmart said it expects that its common stock will be quoted on the Over-the-Counter Bulletin Board (OTCBB) beginning on December 19, under new ticker symbols.

Chairman and ceo James Adamson said, “We are working with the NYSE to facilitate a smooth transition to the OTCBB and do not expect the change in trading venue to affect our current operations or financial performance. In the meantime, we are continuing to work toward our goal of filing a proposed plan of reorganization with the bankruptcy court and emerging from Chapter 11 court protection as soon as practicable.”

The retailer also filed for an extension with the Securities and Exchange Commission, seeking to push back the date on which it must report its third-quarter and 39-week results. The company's quarter ended Oct. 30, 2002. It said it expects to file its reports for October and November 2002 no later than Monday, Dec. 23, 2002. The report is being delayed to provide additional time for the company to complete its financial statements and management's discussion and analysis of the company's financial condition and operation results for that period, reflecting its previously announced restatement of financial statements for prior fiscal years and for the first and second quarters of the 2002 fiscal year.