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Kmart looks to cut costs with golden parachutes

TROY, MI -Aiming to cut costs, Kmart Corporation offered early retirement packages to about 500 employees at its corporate headquarters last week.

The voluntary buyout program is available to employees 50 years or older and who have been with Kmart for at least 10 years. Regardless of how many employees take advantage of the program, the retailer does not plan layoffs, said Stephen Pagnani, spokesperson.