Kmart Corporation (NYSE: KM) and BlueLight.com, LLC today announced that they have entered into a Merger Agreement pursuant to which Kmart anticipates acquiring, on or before August 1, 2001, all of the shares and interests of BlueLight.com not currently owned by Kmart. The closing of the merger and related transactions are conditioned upon approval of the merger by the holders of a majority of the outstanding shares of BlueLight.com common and preferred stock.
Based in San Francisco, BlueLight.com is an independent company majority owned by Kmart Corporation. Formed to leverage the substantial assets of the nation's second-largest discount retailer, BlueLight.com's goal is to meet the online shopping needs of the more than 30 million Americans who shop at Kmart every week. BlueLight.com represents Kmart's BlueLight brand online by rewarding customers with nationally recognized products at unprecedented values. BlueLight.com was formed in 1999 by Kmart Corporation and SOFTBANK Venture Capital and others. For more information, visit http://www.bluelight.com/ .
Kmart Corporation is a near-$40 billion company that serves America with more than 2,100 Kmart and Kmart Supercenter retail outlets. Kmart donates $35 million each year to support its hometowns and local non-profit organizations. Kmart associates also provide their most valuable resource time-every day in their local communities. In addition to serving all 50 states, Kmart operations extend to the Caribbean Islands and Asia Pacific. More information about Kmart is available on the World Wide Web at http://www.bluelight.com/ under the "About Kmart" section.
SOURCE: Kmart Corporation
Contact: Lori McTavish of Kmart Corporation, +1-248-463-5350