[06/27/02]Despite hopes otherwise, no new business will move quickly into the now-abandoned Kmart building on Pemberton Boulevard.

Sources said there was no successful bid to assume Kmart’s lease of the 87,000-square-foot building the retailing giant closed here June 2.

Auction-type bids were taken last week in Chicago, Kmart spokesman Susan Dennis said, adding that since there were no acceptable officers, Kmart is relieved of lease payments to the owner of the building.

“If during the auction process there weren’t any bids then (the lease) reverts back to the landlord and (the owners of the building) are in control of the property,” Dennis said.

The owners, Jerome Pearlman & Faith Trustees, could not be reached.

Corporate Realty, based in New Orleans, along with a financial company, DJM Asset Management, assisted Kmart in finding bidders for the leases of the 284 buildings that housed Kmart stores nationwide, said Larry Rabin, director of the retail division at Corporate Realty. The stores were ordered closed as part of a national restructuring of the company.

Bidders were found for about 20 percent of the leases.

The Kmart Corporation and several of its U.S. subsidiaries filed for reorganization under Chapter 11 of the U.S. Bankruptcy code in January. The Vicksburg Kmart employed about 70 people.