Kmart, Kimco Realty to market closed stores

? Kmart Corp. on Friday announced that it has reached an agreement with Kimco Realty Corp. to jointly market the property at 317 of the discount retailer’s stores that are closing.

Kmart received court approval to close the stores last month as part of its effort to emerge from bankruptcy.

Under the agreement, New York-based Kimco or an affiliate will work with Kmart in identifying retailers, investors, landlords and other parties interested in obtaining the properties.

The locations include 57 Kmart SuperCenters and range in size from approximately 50,000 square feet to more than 190,000 square feet. They are located in freestanding, strip and mall locations in 44 states and Puerto Rico. Lawrence’s Kmart store is among the 317 that the company will close.

Troy, Mich.-based Kmart filed for bankruptcy on Jan. 22, 2002, and says it plans to exit Chapter 11 protection by April 30.