Kmart to close 284 stores. (Global Report on North America).(Kmart Corp.'s restructuring plan includes store closing, job cuts)(Brief Article)(Statistical Data Included)

NPN International, May, 2002

United States -- On March 8, Kmart Corp., Troy, Mich., announced it will close 284 under-performing stores in 40 states and Puerto Rico, and eliminate around 22,000 positions as part of its restructuring under Chapter 11 bankruptcy.

The stores to be closed include 271 Kmart discount stores and 12 Kmart Supercenter retail outlets in the United States, and one Kmart store in Puerto Rico. The largest number of closings will occur in Texas, with 33 sites shuttered, while 21 will close in Illinois, 18 in Michigan and 16 in California. It was not immediately known if any sites featuring Kmart Fuel Centers will be closed. Kmart said it expects the closings to enhance its cash flow by approximately $550 million in 2002 and approximately $45 million annually thereafter....

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