Markets Wired

Commission approval of final consent order: The Commission has approved a final consent order in the matter of Kmart Corporation, et al., and authorized the staff to forward letters to the commenters of record. Among other things, the order requires Kmart to reimburse the dormancy fees for eligible consumers. Kmart will publicize the refund program on its Web site.

Under the order, consumers may contact Kmart to determine if they are eligible for a refund, and must provide to Kmart: 1) a Kmart gift card identification number, 2) a mailing address, and 3) a phone number. If it is determined that a consumer’s Kmart gift card had a dormancy fee imposed against it, Kmart will mail the consumer a new gift card with a balance equal to the amount deducted in fees.

Consumers may reach Kmart by calling the toll-free number, (866) 463-6677; by e-mailing help@customerservice.kmart.com; or by writing to SHC – Kmart, Attention: Gift Card Dormancy Fees, 3000 W. 14 Mile Road, P.O. Box 8073, Royal Oak, MI 48068-8073.

The FTC’s Consumer Hotline, 202-326-3569, has been updated to include this information about contacting Kmart to seek a refund.

The Commission vote approving the final consent order was 5-0, with Commissioners Pamela Jones Harbour and Jon Leibowitz dissenting in part and concurring in part and issuing a joint separate statement. (FTC File No 062-3088; the staff contact is Julie Bush, Bureau of Consumer Protection, 202-326-3608; see press release dated March 12, 2007.)

Copies of the documents mentioned in this release are available from the FTC’s Web site at http://www.ftc.gov and from the FTC’s Consumer Response Center, Room 130, 600 Pennsylvania Avenue, N.W., Washington, DC 20580. Call toll-free: 1-877-FTC-HELP.