Business Services Industry
Kmart Files for Bankruptcy Protection.
Knight Ridder/Tribune Business News, January, 2002
By Susan Chandler, Chicago Tribune Knight Ridder/Tribune Business News
Jan. 23--Outflanked by Wal-Mart and out of cash, Kmart Corp. sought bankruptcy protection from its creditors Tuesday, ending weeks of speculation about its deteriorating financial condition.
The Chapter 11 filing, made in Chicago, is the largest ever for a U.S. retailer.
Plagued by dingy, older stores and outdated technology, Kmart has been the weak sister among discount giants for at least a decade despite a successful and exclusive line of home-related products by Martha Stewart, who has built an empire by showing Americans how to elaborately entertain, plan weddings and decorate their homes.
For now, Stewart is sticking by Kmart, saying the troubled chain...
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