RETAILING

Kmart to Sell Shares in Its Divisions: The retailer plans to sell shares representing 20% to 30% of each of its four specialty divisions by late fall, company executives said. But “we’re not selling the companies,” said George Mrkonic, executive vice president for specialty retailing at Troy, Mich.-based Kmart Corp. Rather, he said, Kmart is selling a “window of value” in the divisions. Kmart announced plans in February to sell shares of Borders-Walden, which operates Borders Books and Music stores and the Waldenbooks chain; Builders Square, a home-improvement products chain; OfficeMax, a chain of office products stores, and the Sports Authority sporting goods chain. Kmart common stock would be redesignated as Kmart Group common stock. Shareholders will vote on the plan at the June 3 annual meeting.