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Kmart Reportedly to Sign E-Commerce Deal with Softbank

American's third-largest retailer, Kmart, reportedly is negotiating a venture capital deal in the $50 million range to help the company create a new Internet strategy.

Sources familiar with the deal were quoted by Business Week as saying that financial backing for a new and improved Kmart.com will come from venture-capital firm Softbank Technology Ventures.

The plan is for the new site to be up early next year, and boost online and in-store sales.

Kmart's enterprise would be based in Silicon Valley and be run largely by outside executives, Business Week said.