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Kmart launches direct stock program

The retailer partners with StockPower, an online direct investing company, to offer shares of Kmart stock on its recently launched e-commerce site.

TROY, Mich.--Attention Kmart shoppers: You can now purchase the company's stock directly from its Internet site rather than from a broker.

The Troy-based company announced that it has partnered with StockPower, an online direct investing company, to offer shares of Kmart common stock on Bluelight.com, the retailer's recently launched e-commerce company.

"We are delighted to be one of the first companies to implement this kind of innovative service," Bob Burton, divisional vice president of investor relations, said yesterday.

Kmart Stock Direct will allow investors to make an initial purchase or increase the holding they already have in the company.

New investors must make an initial investment of $250 and pay a one-time $5 fee. Investors can purchase up to $100,000 in stock each year.

Each purchase will cost $5, or $2 if the purchase is paid through an automatic monthly deduction from a bank account, in addition to the cost of the stock. Each stock sale will cost $10.

Investors also will pay commissions of 5 cents per share for purchases and 12 cents per share for sales.

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