TROY, Mich. - Kmart Corp. has requested a bankruptcy court's permission to opt out of a sponsorship agreement with the Daytona 500. <br>
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The discount retailer, which sought Chapter 11 bankruptcy protection Jan. 22 in Chicago, called the Daytona 500 contract an unnecessary use of its much-needed cash. <br>
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The Troy-based company filed its request Monday with Judge Susan Pierson Sonderby, who is scheduled to render her decision Feb. 13. <br>
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In April 2000, Kmart agreed to pay International Speedway Corp., a motorsports promoter and racetrack owner, $685,000 this year and $735,000 next year to become an official corporate sponsor and official mass retailer of the Daytona 500, which will be held Feb. 17. <br>
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Kmart also chose not to seek renewal of its deal to sponsor the race known for three years as the Kmart 400, Michigan International Speedway spokesman Jeff Bleiler told The Jackson Citizen Patriot. Until the speedway signs a deal with a new sponsor, the June 16 race in Brooklyn, Mich., will be called the Michigan 400. <br>
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Bleiler and Kmart spokesman Dave Karraker said Kmart's three-year deal to sponsor the June race expired last year. <br>
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Karraker said Tuesday that Kmart's decision not to renew its sponsorship of the MIS race was made last year and was unrelated to its bankruptcy filing. <br>
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Kmart also sponsors two cars -- the No. 26 Kmart School Spirit Ford driven by Joe Nemechek and the No. 66 Kmart Ford driven by Todd Bodine. <br>
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Both are to participate in the upcoming Daytona 500 and the North Carolina 400. <br>
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