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Kmart to Extend Filing Date of Its Third Quarter Report On Form 10-Q

Kmart Corporation (NYSE: KM) announced today that it filed with the Securities and Exchange Commission pursuant to Rule 12b-25 to extend the filing date of its Form 10-Q quarterly report for the 13- and 39-week periods which ended October 30, 2002.

The filing of the third quarter 10-Q report is being delayed to provide additional time for the Company to complete its financial statements and management's discussion and analysis of the Company's financial condition and operation results for that period reflecting its previously announced restatement of financial statements for prior fiscal years and for the first and second quarters of the 2002 fiscal year.

As Kmart previously noted in its December 9 announcement, none of the adjustments to be reflected in the restatement should impact the Company's liquidity or increase obligations requiring a future use of cash. As of December 13, 2002, Kmart had $244 million of borrowings outstanding and had utilized $327 million of its Debtor in Possession (DIP) credit facility for letters of credit. Its total DIP availability as of that date was $1.33 billion. The Company has now passed the peak borrowing period for its seasonal inventory build, has begun to repay its outstanding DIP borrowings and anticipates that all such borrowings will have been repaid before the end of the month. The Company does not expect the restatement to affect the future availability of funds under its DIP credit facility.

Kmart currently expects to file its third quarter 10-Q report and its Monthly Operating Reports for October and November 2002 no later than Monday, December 23, 2002. The Company expects to file an amended Annual Report on Form 10-K/A for the 2001 fiscal year and Quarterly Reports on Form 10-Q/A for the first two quarters of the 2002 fiscal year as soon thereafter as practicable.

Kmart Corporation is a mass merchandising company that serves America with more than 1,800 Kmart and Kmart SuperCenter retail outlets and through its e- commerce shopping site, www.kmart.com . Kmart in 2001 had sales of $36 billion.

Cautionary Statement Regarding Forward-Looking Information

Statements made by Kmart that address activities, events or developments that we expect or anticipate may occur in the future are forward-looking statements. Such forward-looking statements are and will be, as the case may be, subject to many risks and uncertainties, including, but not limited to, Kmart's having filed for bankruptcy and factors relating to Kmart's operations and the business environment in which Kmart operates, which may cause the actual results of Kmart to be materially different from any future results expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include those set forth in Kmart's Annual Report on Form 10-K for the fiscal year ended January 30, 2002, Kmart's Quarterly Report on Form 10-Q for the fiscal quarter ended July 31, 2002 or in other filings made, from time to time, by Kmart with the Securities and Exchange Commission (the "Company Filings"). The forward-looking statements speak only as of the date when made and Kmart does not undertake to update such statements.

Similarly, these and other factors set forth in the Company Filings, including the terms of any reorganization plan ultimately confirmed, can affect the value of our various pre-petition liabilities, common stock and/or other equity securities. No assurance can be given as to what values, if any, will be ascribed in the bankruptcy proceedings to each of these constituencies. A plan of reorganization could result in holders of Kmart common stock receiving no distribution on account of their interest and cancellation of their interests. Holders of Kmart common stock should assume that they could receive little or no value as part of a plan of reorganization. In light of the foregoing, Kmart considers the value of the common stock to be highly speculative and cautions equity holders that the stock may ultimately be determined to have no value.

Accordingly, we urge that appropriate caution be exercised with respect to existing and future investments in Kmart common stock or in any claims relating to pre-petition liabilities and/or other Kmart securities.

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SOURCE: Kmart Corporation

CONTACT: Kmart Media Relations, +1-248-463-1021

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