Consumer news briefs for June 4, 2004

Friday, June 4, 2004 | 11:12 a.m.

Home Depot to buy some stores

TROY, Mich. -- Home Depot Inc., the world's largest home-improvement chain, agreed to buy as many as 24 stores for about $365 million from Kmart Holding Corp., which closed locations to exit from bankruptcy last year. Shares of Kmart rose.

The exact number of stores, locations, and amount to be paid will be decided in the next two months, Troy, Mich.-based Kmart said today.

Home Depot, which will convert the locations to its own name in 2005, plans to add 185 stores this year and spend $1 billion in renovating older outlets to compete with No. 2 Lowe's Cos.

FOR THE RECORD:

NEWTON, Iowa:

Maytag Corp., the No. 3 U.S. maker of household appliances, said today it will cut 20 percent of salaried workers, or 1,100 people, and earn less than it had forecast because sales of Hoover vacuums have slumped. Maytag will also merge its Hoover floor care and appliances units with corporate headquarters to cut costs.

NEVADA FIRST BANK:

Arvind Menon has been appointed chief executive of Las Vegas-based Nevada First Bank. Menon, the bank's former chief financial officer, had been acting chief executive since Dennis Guildin left the position in November.

VEVEY, Switzerland:

Nestle SA, the world's largest foodmaker, is considering a bid for General Mills Inc., people familiar with the matter said. The two companies have cooperated for the past 15 years in selling cereals under a joint venture. General Mills, with a market value of $17.2 billion, may fetch as much as $22 billion, according to data compiled by Bloomberg.

ISLANDIA, N.Y.:

Computer Associates International Inc. today said former Chief Executive Sanjay Kumar will leave the company to help speed resolution of a U.S. government investigation.