WAL-MART’S WATCHING: Wal-Mart Stores Inc. has filed a request to receive all notices and documents in the Kmart Corp. bankruptcy. According to court records, Wal-Mart said it had an interest because it “is a party to numerous real property leases under which certain of the [Kmart] debtors are sublessors or assignors.” The legal papers added that “Wal-Mart is affected by not only the pendency of these cases, but by all actions taken by or against the assets of the debtors’ estates.” Additionally, an unsecured creditors’ committee was appointed by the U.S. Trustee in the Kmart bankruptcy case last week. Included in the 13-member group are GMAC Commercial Credit, Kimco Realty Corp., Sara Lee Corp. and the Pension Benefit Guaranty Corp. Separately, a financial institutions’ committee also was appointed. Among its seven members are J.P. Morgan Chase, Bank of New York, Fleet National Bank and HSBC Bank USA.
GOTTSCHALKS’ NEW LINE: Gottschalks Inc. has secured a new three-year revolving credit facility with GE Capital that permits borrowings of up to $165 million. Effective Feb. 1, the revolover has a maturity date of Jan. 31, 2005, and is secured by inventory and other assets of Gottschalks. Based in Fresno, Calif., Gottschalks operates 73 department stores and 13 specialty apparel stores in California, Washington, Alaska, Idaho, Oregon and Nevada. The company acquired the 34-unit Lamonts Apparel group, which had been in Chapter 11, in July 2000.
MTV MAG?: Who needs talk, when you can have music? Rumors were circulating Friday that Hearst Magazines is getting ready to announce a partnership with MTV Networks to publish a teen music and pop culture magazine. “It’s a great idea, but there is no announcement and no announcement pending,” said Deb Shriver, a spokeswoman for Hearst Magazines. An MTV spokeswoman said: “Nothing’s been announced at this time.” However, sources said focus groups have been conducted, and the magazine concept has gotten good response. Sources indicate that MTV would provide the content, and Hearst would handle the publishing and distribution end. MTV’s sister company, Nickelodeon, already publishes the highly successful Nickelodeon and Nick Jr. magazines, both produced in-house. Both Nickelodeon and MTV are owned by Viacom.