Business Services Industry
Lampert: It's about operations, not real estate.(News)(Brief Article)
Crain's Detroit Business, November, 2004
Byline: Brent Snavely Kmart Holding Corp. Chairman Edward Lampert took a moment last Wednesday to sound off on his much talked-about real estate play with Kmart's recent sales of stores to Home Depot Inc. and Sears, Roebuck and Co. On Sept. 29, Kmart sold 50 stores to Sears for $575.9 million and in August it sold 18 stores to Home Depot Inc.
for $271 million. Those moves fed speculation that Lampert planned to slowly dismantle Kmart by selling its real estate. Last week, during a conference call with analysts and the media, Lampert sought to bury that line of thought. Here is what he said: "I don't think any retailer should aspire to have its real estate be worth more than its operating business. "There has been a lot of speculation about real estate...
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