February 17, 2003-- Home Textiles Today,
Kmart files to extend reorg plans
Kmart has filed for an extension to prevent any competing plans of reorganization until June 30, from the current deadline date of Feb. 28, said Jack Ferry, spokesman. "We've done this a couple of times" since filing for bankruptcy January 22, 2002, he said. The court is scheduled to hear the plan of reorganization on Feb. 25, and upon approval, will go out to the creditors for a vote. The company plans to exit Chapter 11 on April 30.
Wal-Mart will bring "Made in the U.S.A." worldwide
Wal-Mart has officially begun to market U.S. products to other countries with the opening of its GP USA Export office, a branch of Wal-Mart Global Procurement, an internal buying agency formed by the company in 2002. The Wal-Mart Global Procurement has sourcing offices in 17 countries working directly with Wal-Mart merchants in the U.S., Puerto Rico, Canada, Mexico, Argentina, Brazil, China, Korea, Japan, Germany and the U.K. The company said that the GP USA Export office, located at its Arkansas headquarters, will not be able to handle requests from all retail companies abroad wanting to purchase U.S.-made products, but it will be able to source products for all Wal-Mart retail stores overseas.
May Co. to open more lifestyle stores
In releasing its fiscal 2002 results, May Department Stores announced its plans to open four additional lifestyle stores this year; one each of Famous-Barr, Filene's, Meier & Frank and Kaufmann's. The new 140,000-square-foot concept features a contemporary, easy-to-shop design, flexible merchandise presentations, and express checkout, the company said, and fits into smaller retail developments. In addition, the retailer will open three Foley's units, two other Kaufmann's stores and one each of Hecht's and Lord & Taylor.
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