THE SEARCH IS ON: Kmart Corp. said Tuesday it formed a three-member board committee to review candidates for chief executive officer Joseph E. Antonini resigned as president and ceo last week under pressure from the board and shareholders. Joseph P. Flannery, chairman and ceo of Uniroyal Holding, will chair the search committee, which includes J. Richard Munro, former co-ceo of Time Warner, and Donald S. Perkins, Kmart’s chairman.
Kmart also nominated two new directors: Lawrence Perlman, chairman and ceo of Ceridian Corp., formerly Control Data Corp., and Richard G. Cline, chairman and ceo of Nicor Inc., a natural gas distribution utility.
SERIOUSLY INTERESTED: Two weeks after stepping up efforts to sell its 13-store operation, Stuarts Department Stores Inc. has received “some serious inquiries,” according to David Ferguson, president.
Ferguson would not identify the interested parties. Some were looking to purchase the company “as is,” while others wanted just the better locations, he said in an interview.
The units average 55,000 square feet and are in strip centers.
Stuarts, a discounter based in Franklin, Mass., has been battling red ink and shrinking sales over the past few years as national discount chains moved into its New England base. Ferguson said Stuarts has retained The Recovery Group, Boston, to help find a buyer.
BUSH DOES BOSTON: Former President George Bush will give the closing address at the International Mass Retail Association’s annual convention, May 13-16 in Boston.
Bush is scheduled to speak the afternoon of May 16 at the Hynes Convention Center. The theme of the convention is “Revolution in Retailing.”
Other scheduled speakers are Harvard Law School professor Arthur R. Miller, who will talk about crime in America, and Ken and Maddy Dychtwald of Age Wave Inc., who will present findings from IMRA’s new research on the aging phenomenon and its impact on gender.