Kmart submits 10,000-page filing

By Alexandra R. Moses
Associated Press

CHICAGO — Kmart Corp. has $19 billion in assets and $11.56 billion in liabilities, according to financial documents filed in federal court yesterday.

The information was included in about 10,000 pages of financial data that also listed how much money Kmart has paid to its creditors, employees and others, and how much it still owes.

The filing, delivered to U.S. Bankruptcy Court in four boxes plus several thick piles of loose pages, is required under bankruptcy law. Kmart was to have filed the document by March 25 but received an extension until yesterday.

Among Kmart's assets:

$4.5 billion in inventory, $2.7 billion in stock, and $1.8 billion in office equipment, furnishings and supplies.

Kmart reported $27 billion in retailing revenues for the fiscal year ended Jan. 30.

The company also owes money to banks and various suppliers, including $39.5 million to Nintendo of America Inc. and $38.3 million to Mattel Toys.

Kmart subsidiaries also filed financial data, including Bluelight.com, which showed $1.14 billion in liabilities versus $1.7 million in assets.

Kmart launched BlueLight.com, a stand-alone e-commerce company, in conjunction with Softbank Venture Capital and Yahoo! in 1999. It acquired the remaining shares last year.

Troy, Mich.-based Kmart, which had more than $30 billion in sales in 2000, filed for Chapter 11 bankruptcy protection Jan. 22, following disappointing holiday sales and a stock dive.

It has struggled to keep up with discount competitors Wal-Mart Stores Inc. and Target Corp.

The filing also listed the regular pay for Kmart executives, showing former Chief Executive Charles Conaway receiving a

$1 million payment May 30. Conaway was paid a bimonthly figure ranging from $58,000 to $62,500.

Kmart is to file an annual report April 30.