Exhibit 10.(iv)(K)

March 1, 1996

John Workman
EVP & Chief Financial Officer
Montgomery Ward

Dear John:

This letter is a supplement to the Change of Control Security
Plan in which you are a participant.  In recognition of your
valuable contributions to Montgomery Ward in your position as
Chief Financial Officer and for the important role you would need
to play with respect to any negotiations with respect to a sale
or change of control of the Company, if Montgomery Ward concludes
a sale or change of control transaction prior to December 31,
1996, you will receive, as a supplement to your benefits under
the security plan, the following:

     1.   A one-time bonus payment of $775,000 (after taxes). 
          The gross-up will be 36% for federal and 3% for state
          taxes.

     2.   A loan from Montgomery Ward for up to $250,000.  The
          loan will be for one year and have an interest rate
          equal to "prime" on the date you receive the loan.  The
          principal and interest will be due in a balloon payment
          at the end of one year.

This special supplement is intended to provide you an equitable
opportunity, in the event of any sale or change of control of the
Company, to truly benefit from the value you have added to
Montgomery Ward since the purchase in 1988.  However, this
agreement is highly confidential and should not be discussed with
anyone except Bob Kasenter and me.

Sincerely,

/s/ Bernie Brennan