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JUNE 1995: Interim chairman Don Perkins steps down as Floyd Hall is named new chairman, president and ceo of Kmart. The farmer Target and Grand Union executive brought 39 years of experience in mass with him. Perkins returns to his post as a board member and chairman of Kmart's executive/finance committee. Anthony Palizzi, interim president, relinquishes that title and settles back into his position as executive vice president, general counsel. Ron Floto, executive vp and president of Super Kmart Centers, returns to his position as chairman of Kmart's management executive committee.
Kmart stock rises with Hall's hiring on June 5th, up 1 1/4 in very active trading. The next day it rises another 7/8 to close at 14 7/8, but things settled down the day after and the stock drops 1/8.
In a speech to his new associates, Hall notes his own past achievements with turning around other struggling retailers, and he vows to succeed with Kmart as well.
JULY 1995: Kmart divests itself of most of its specialty store interests to concentrate on the core discount division. As a result, 75% of its holdings in OfficeMax are sold, as well as 70% of The Sports Authority, all of Borders Books & Music and the 22% it owns in the Australian retailer Coles Meyer. It still owns Builders Square, but has it up for sale.
AUGUST 1995: Kmart unveils a new series of TV commercials, with a tight focus on mothers and their families. The campaign, titled "Today's Kmart. Everything We Do Is Built Around You," was created by Cambell Mithun Esty. The advertising firm from Minneapolis was hired in April, replacing Ross Roy Communications of Bloomfield Hills, Mich., which was associated with Kmart for more than 20 years.
SEPTEMBER 1995: Joe Bullara, vice president of marketing for Super H, announces plans to open 500 supercenter by the turn of the century. Emphasis will be placed on perishables, which according to Bullara will attract the primary customer. Executives...