NEW YORK — Looking to further strengthen its ties to minority communities, bankrupt Kmart Corp. said Wednesday that it will publish its weekly advertising circular in Spanish throughout the U.S. starting today.
The circular will be released in conjunction with September’s Hispanic Heritage Month and will be featured in 10 prominent Spanish-language newspapers across the country, as well as in 160 stores serving communities with large Hispanic populations.
Kmart said that more than 55 percent of Hispanics living in the U.S. are within 15 minutes of a Kmart store. Barbara Firment, senior vice president advertising, sales and in-store presentation, said in a statement, “According to our extensive research, the buying power of Hispanics in America has increased more than 110 percent over the past 10 years. With our exceptional reach into urban markets, we feel we have a distinct advantage over discount retailers when it comes to connecting with Hispanic customers.”
Separately, Malan Realty Investors Inc., still reeling from the Kmart bankruptcy, said Wednesday that shareholders have approved a liquidation plan of the real estate investment trust. Malan’s board said that it expects proceeds to shareholders from the sales will range from between $4.75 to $8.50 per share. The liquidation process, however, could take up to 24 months to complete.
The REIT owns 57 properties in nine Midwestern states, with many anchored by Kmart stores. Six properties have been sold so far for $29.9 million before debt repayment.