Kmart Owed Thousands In Unclaimed Funds
Bankrupt Retailer Tries To Recover Cash
POSTED: 6:33 p.m. EDT May 7, 2002
UPDATED: 8:55 p.m. EDT May 7, 2002
TROY, Mich. -- Bankrupt Kmart Corp. has nearly $100,000 in unclaimed cash it has yet to collect in various states, Local 4 reported Tuesday.
Acting on a tip to ClickOnDetroit.com, Local 4 found that Kmart has 33 checks belonging to Kmart on the state's unclaimed property list. The bankrupt retailer can claim the money by formally asking the state to have it turned over.
Kmart also has unclaimed money in as many as 27 other states that Local 4 contacted.
The No. 2 retailer processes millions of individual checks each year, and some of them are misfiled, misplaced or are lost, according to Local 4. Typically, after 30 days, accountants are legally obligated to turn the checks over to the state. Some of the unclaimed checks date back to 1999.
The Indiana unclaimed property division has 25 Kmart checks worth $5,000 in unclaimed money. The retailer has 15 unclaimed checks worth $4,170 in Ohio, eight checks worth nearly $3,500 in California and 34 checks that total nearly $3,000 in Florida.
Other states reported having up to a dozen checks of various amounts, ranging from 15 cents to about $1,600.
Kmart has filed to recover its unclaimed money in Michigan, according to Local 4. Other states would not confirm whether the retailer has filed to get its money elsewhere, the station reported.
A Kmart representative said Tuesday that the retailer filed in April to get about $150,000 in unclaimed money back. Kmart said that it recovered about $500,000 in unclaimed money last year and expects to claim about $700,000 it is owed this year, according to Local 4.
Kmart lost $135 million in March, down from $174 million in February losses, Local 4 reported. Year-to-year sales fell 8 percent, the station reported.
Previous Stories:
- April 22, 2002: Losses Down As Kmart Heads Back To Court
- April 9, 2002: Kmart, Penske Battle Continues To Brew
- March 26, 2002: Is Kmart Really A Good Deal?
- March 21, 2002: Kmart Begins Going-Out-Of-Business Sales
- March 20, 2002: Kmart To Keep Martha Stewart, Other Lines
- March 12, 2002: Former Kmart CEO To Get Hefty Severance
- March 10, 2002: CEO Leaves Struggling Kmart
- March 9, 2002: Local Kmart Stores To Close
Copyright 2002 by ClickOnDetroit.com.
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