Martha Stewart Living Omnimedia on Wednesday said it is not currently looking to back out of its contract with embattled Kmart Corp.  should the discount retail chain find itself in bankruptcy, nor has it approached Kmart rivals about alternative partnerships.

``While we have the provision (to terminate the Kmart contract) ... we're just not looking to that provision at this time. We're waiting to get information by which we can intelligently manage our business,'' Sharon Patrick, president and chief operating officer of Martha Stewart Living, told Reuters. 

The companies' latest contract states that Martha Stewart Living ``can terminate (the) agreement if the other party files a petition in bankruptcy.'' The two companies have had a business relationship since 1997, with Kmart selling Martha Stewart-branded goods at its stores. 

Analysts have speculated Kmart, which has struggled to keep pace with rival discounters Wal-Mart Stores Inc. and Target Corp., might declare Chapter 11 bankruptcy if trends do not improve. 

Kmart said it looks forward to ``maintaining its mutually beneficial relationship with Martha Stewart and her team.''