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From Times Staff and Wire Reports
Kmart Considers Subsidiary Spinoffs: Kmart Corp. Chairman Joseph Antonini said the retailer is considering selling minority interests in some of its specialty store subsidiaries to generate higher returns for current shareholders. Kmart owns PayLess Drug Stores, Sports Authority, OfficeMax, Builders Square, Pace Membership Warehouse, Walden Book Co. and Borders books. Antonini said Kmart has $4.5 billion in value in its seven subsidiaries, but is realizing only half of that amount.
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