Kmart Asks Bankruptcy Judge to Keep Licensing Deals
TROY, Mich. - Kmart Corp. has asked a federal bankruptcy judge to allow it to continue licensing agreements with its major brands, including Martha Stewart Living Omnimedia Inc. and Disney Enterprises Inc., The Associated Press reports.
In a court filing on Feb. 28, Kmart said the brands were "integral" to its ongoing business. The other brands are: G.H. Productions Inc., which supplies its Jaclyn Smith line, Joe Boxer Licensing LLC and Kathy Ireland World Wide LLC.
Last week, Kmart launched its Disney clothing line and an advertising campaign to accompany it.
On Tuesday, James B. Adamson, Kmart's new chairman, said developing exclusive partnerships with vendors like Martha Stewart and Disney would be a key to the company's turnaround.
In its motion Thursday, Kmart also asked for approval to pay outstanding accounts with the brands. It owes $131,735 to Kathy Ireland, $1.1 million to G.H. Productions and $12.3 million to Martha Stewart.
The motions are to be addressed in a March 20 hearing, according to the AP.
In a court filing on Feb. 28, Kmart said the brands were "integral" to its ongoing business. The other brands are: G.H. Productions Inc., which supplies its Jaclyn Smith line, Joe Boxer Licensing LLC and Kathy Ireland World Wide LLC.
Last week, Kmart launched its Disney clothing line and an advertising campaign to accompany it.
On Tuesday, James B. Adamson, Kmart's new chairman, said developing exclusive partnerships with vendors like Martha Stewart and Disney would be a key to the company's turnaround.
In its motion Thursday, Kmart also asked for approval to pay outstanding accounts with the brands. It owes $131,735 to Kathy Ireland, $1.1 million to G.H. Productions and $12.3 million to Martha Stewart.
The motions are to be addressed in a March 20 hearing, according to the AP.