USA: Sara Lee says exposure to Kmart "immaterial"
Chicago-based Sara Lee Corporation, one of the world's leading branded consumer packaged goods companies, said yesterday [Tuesday] that its exposure for receivables due from Kmart is "immaterial". As noted in the company's second quarter 10-Q filed with the Securities and Exchange Commission yesterday, Kmart owed Sara Lee US$40m when it filed for bankruptcy, however, Sara Lee also stated that it entered into financial contracts prior to Kmart's bankruptcy, leaving Sara Lee with no material receivables exposure.
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