Business Services Industry
Kmart Files for Chapter 11 Bankruptcy Protection.
Knight Ridder/Tribune Business News, January, 2002
By R. Michelle Breyer, Austin American-Statesman, Texas Knight Ridder/Tribune Business News
Jan. 23--Monica Schwab grew up shopping at Kmart, long before Target and Wal-Mart dominated the discount landscape.
"There was just Kmart. That was it," the Cedar Park resident said Tuesday as she strolled the aisles of the Kmart at Parmer Lane and MoPac Boulevard (Loop 1).
But retailing has changed dramatically during the past few decades, and Kmart Corp. has struggled to find its niche. The revival of BlueLight Specials and Martha Stewart linens haven't been enough to compete with the low-price reputation of Wal-Mart or the cachet of Target.
On Tuesday, the third-largest discount retailer in the United States filed for bankruptcy...
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