IN SEARCH OF THE GREEN LIGHT: Kmart Corp. is requesting that the Detroit bankruptcy court presiding over its case approve bid procedures for the sales of noncore assets. The retailer wants the procedures in place before the assets are identified so it can act quickly if need be. Typically assets are identified along with the buyer first, and then the terms of the proposed deal are submitted for court approval. In a related matter, Kmart is seeking the court’s OK to sell assets in transactions for under $2 million without court approval. A hearing on both requests is set for Aug. 29.
This story first appeared in the August 14, 2002 issue of WWD. Subscribe Today.
LADIES’ MAN: Specialty athletic retailer Foot Locker Inc. named Nick Grayston president and chief executive officer of the 632-unit Lady Foot Locker division. Grayston, 39, formerly president of Foot Locker Canada, succeeds Dan Demicell, who resigned. Grayston began his career with Foot Locker as director of planning and allocation for Foot Locker Europe.
BERGE BITES BACK: Pierre Bergé has flown to the defense of his friend, late French president François Mitterrand. According to a French wire service report, Bergé, speaking on France-Inter radio station, slammed plans to make a film about the Socialist president based on a book by Georges-Marc Benamou called “Dernier Mitterrand.” Bergé said the project was “ridiculous” and called on Mitterrand’s family to oppose production of the film, according to the report. Bergé, who is on vacation, was unavailable for comment.