NEW YORK -- Opposition to Kmart Corp.'s proposal to sell stock for each of its four specialty retail divisions keeps growing.

The College Retirement Equities Fund attacked the plan Tuesday, saying it will vote against it and withhold support for all five board members seeking reelection at the annual meeting Friday. CREF has 1.1 million shares of Kmart stock. Other institutions that have voiced opposition to Kmart's proposal are the Wisconsin Investment Board, Amalgamated Clothing & Textile Workers Board, Florida State Board of Administration and Ohio State Teachers Retirement System.

Kmart proposes to take cash from the public sale of stock on each specialty division to beef up its discount stores. Kmart would retain 70 to 80 percent of equity in each subsidiary: Sports Authority, Borders-Walden Book, OfficeMax and Builder's Square.

In a statement, James Martin, executive vice president of CREF Investments, said the sale of new classes of stock would be detrimental to the long-term interests of shareholders.

CREF is the $60 billion variable annuity component of the $130 billion TIAA-CREF pension system for nonprofit educational and research institutions.

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