Business Services Industry
Kmart uses size to its advantage; Muscle forces vendors to play by its rules.(Brief Article)
Crain's Detroit Business, February, 2002 by Snavely, Brent
As the largest retailer to file for Chapter 11 bankruptcy protection, Kmart Corp. has some advantages that smaller companies wouldn't have. And it's already apparent that the company is using them. When Kmart and its attorney - Jack Butler, a partner with Skadden, Arps, Slate, Meagher & Flom L.L.P.
in Chicago - appeared during a creditors' hearing Jan. 31, Butler told them Kmart wouldn't be doing business with companies that require cash on delivery. Post-bankruptcy financing of $2 billion, $1.5 billion of which is available now, will support Kmart during the reorganization. The financing package, Butler told creditors that day, ``justifies immediate trade-credit support.'' That move imposes hardships on many vendors whose main customer is Kmart. Butler...
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