Kmart posts losses after Ch. 11 filing. (Business Today).(Brief Article)
Home Textiles Today, April, 2002 by Hogsett, Don
TROY, MI -- In the first nine days after filing for Chapter 11 bankruptcy protection late in January, giant discounter Kmart Corp. recorded a loss of $579 million, and in the four weeks following lost another $174 million, bringing its total losses through Feb. 27 to $753 million. The retailer put out the numbers in a filing with the federal Securities and Exchange Commission late in March, and it marked the first time the retailer has released any financial data since its bankruptcy filing.
The company has put off releasing financial results for the fourth quarter and all of 2002 until a later, unspecified date. Contributing to the nine-day loss of $579 million in the closing days of January just before it made its bankruptcy filing, the retailer...
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