Financial Services Industry
Industry: Email Alert RSS FeedSo, not everyone loves a bargain. (The Week in Review).
Investment News, January, 2002 by Gabriel, Frederick P. Jr.
Kmart Corp., whose discount chain is No. 2, behind WalMart, filed for bankruptcy protection Tuesday. The Troy, Mich.-based retailer said its 2,114 stores will remain open for now, but that it will review their future by the end of April. It also said it expects to emerge from bankruptcy protection in 2003.
Fat chance, say some. "If Kmart went away tomorrow, the only people who would care are existing Kmart shoppers who don't have access to a Target or Wal-Mart," Steven Roorda, a retail analyst at American Express Co. in Minneapolis, reportedly said. "At this time, I don't see any viable merchandising strategy where Kmart can thread the needle between Wal-Mart and Target." Unfortunately Kmart's bigwigs may prove more adept at making license...
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