Business Services Industry
Troubled Kmart Files for Bankruptcy Protection.
Knight Ridder/Tribune Business News, January, 2002
Houston Chronicle Knight Ridder/Tribune Business News
Jan. 23--Kmart Corp.'s decision to seek shelter in the courts from its financial troubles is the second spectacular U.S. bankruptcy filing in less than two months.
But unlike the meltdown of Enron Corp., which resulted in the largest-ever corporate bankruptcy, Kmart's biggest-ever retail bankruptcy is not expected to significantly damage the Houston economy, though it may dump less-than-attractive properties on the local real estate market.
Since its December filing, Houston-based Enron has laid off more than 4,500 employees, the vast majority of whom worked in Houston.
Kmart, which is based in Troy, Mich., employs about 3,000 people in Houston, according to the Chronicle's...
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