Kmart Moves To Sell Off Bluelight.com11 Oct, 2002 By: Hive News
Struggling Kmart Corp. today announced plans to sell off its BlueLight.com Internet Service Provider (ISP) arm, but said the sale of the ISP assets will not affect the Kmart.com online shopping site.
If the deal wins bankruptcy court approval. United Online would pay, subject to potential adjustments, approximately $8.4 million for the assets of BlueLight.com's ISP and e-mail service, which has about 165,000 subscribers.
The chain filed a motion seeking approval of the sale of assets related to its Internet access (ISP) business to United Online, Inc. The proposed sale was the subject of a competitive bidding process. The transaction is subject to a number of closing conditions, including bankruptcy court approval.
If the transaction goes through, United Online intends to ensure that there will be no lapse in service for BlueLight.com subscribers and no change to subscribers' email addresses.
The court is expected to hear arguments on the motion Oct. 30.