April 2003
Investment Dealers' Digest;4/28/2003, Vol. 69 Issue 17, p48
Trade Publication
This article presents information related to investment banking in the retail sector of the U.S. as of April 28, 2003. Kmart Corp. has won court approval of its reorganization plans and should emerge from bankruptcy protection. The retailer, which filed Chapter 11 in January 2002, got the approval from a U.S. bankruptcy judge after successfully addressing most of the objections to the plan. When Kmart emerges from bankruptcy, about 49 percent of it will be in the hands of hedge fund ESL Investments Inc. A top official at Gearys of Beverly Hills has entered into an agreement to purchase the store from current owner Ross-Simons Inc. Thomas Blumenthal, the grandson of former Gearys owners Fred and Ruth Meyer, was retained by Ross-Simons as a senior vice president after Ross-Simons purchased the high-end retailer in 1997.


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