The Detroit News reports that a new investor, who has so far been unidentified, has bought into Kmart Holding Corp. as part of a partnership with the company's new chairman, Edward S. Lampert, of ESL Investment Inc.
Together, ESL, Third Avenue Management LLC, and the unnamed investor own almost two-thirds of the company.
Experts say that the investor will have to be named soon in order to comply with Securities and Exchange Commission (SEC) rules.
According to the paper, the identity of the investor is know to Kmart's board, and may in fact be a board member.
Together, ESL, Third Avenue Management LLC, and the unnamed investor own almost two-thirds of the company.
Experts say that the investor will have to be named soon in order to comply with Securities and Exchange Commission (SEC) rules.
According to the paper, the identity of the investor is know to Kmart's board, and may in fact be a board member.
- KC's View:
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This may be significant, and it may turn out to be nothing. But we have to be honest -- this just seems like the latest in a series of sleazy financial dealings by a company that doesn't seem to stand for anything other than moving money around, rewarding shareholders, and doing little to create incentive for store level personnel and shoppers.
It'll be nice when Kmart actually does something that has resonance in the hearts and minds of consumers. But we're not holding our breath.
