K MART CANADA ATTRACTS U.S. INVESTORS
By Adnews Staff
U.S. investors have made a bid to buy K mart Canada Ltd. according to a report in The Globe And Mail. The investor group includes both a financing element and a retailer which would operate K mart Canada's 123 discount department stores across the country, the report says. With sales of $1.2 billion a year, K mart is the third-largest discount retail chain in Canada behind Zellers and Wal-Mart Canada Inc. However, K mart has only approximately 8% of the Canadian market share, while Zellers and Wal-Mart Canada hold approximately 24% each. K mart Canada, a division of Michigan-based K mart Corp., is currently conducting an agency review.
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