December 16, 2002,
Kmart restates earnings again
Vowing that it won't impact the company's liquidity and progress in formulating a plan to emerge from Ch. 11, Kmart will restate its financial statements for prior fiscal years as well as the first two quarters of 2002. Kmart concluded that restating its financial statements for the prior periods was appropriate because the aggregate adjustment was material to its 2002 fiscal year results. On a preliminary basis, the company believes that the net impact of the adjustments would be to decrease the company's net loss for the previously reported 26-week period ended July 30, 2002, by less than $100 million.
Pier 1 plans new HQ site
Pier 1 Imports is poised to break ground on a new 20-story, $90 million headquarter facility along the banks of the Trinity River. The 440,000-square-foot building, in addition to land, will initially be home to almost 900 Pier 1 home office associates and is expected to satisfy the retailer's space requirements through 2015. The groundbreaking is planned for January 2003 with the move scheduled for fall 2004.
Bozek leaves HSN to form new startup
Mark Bozek, president and ceo of HSN, is leaving the company to create his own television and film production company. Bozek joined HSN in March 1997 as executive vp, broadcasting and was named president in December 1998. In March 1999, he became president and ceo of HSN.
Odd Job Stores adds Carter to board
Odd Job Stores Inc. has added Phil Carter to its board of directors. Carter served as president and ceo of Mac Frugal's Bargain Centers from 1995 to 1998.