Business Services Industry
Kmart Files for Bankruptcy Protection.
Knight Ridder/Tribune Business News, January, 2002
By Kelly Pate, The Denver Post Knight Ridder/Tribune Business News
Jan. 23--The blue light is still flashing, but Kmart has drowned in red ink.
The nation's second largest discount retailer filed for Chapter 11 bankruptcy protection Tuesday, listing billions of dollars in debt. It's the largest retail bankruptcy in U.S. history.
If the U.S. Bankruptcy Court in Chicago approves its reorganization plan, Kmart could close hundreds of stores and lay off thousands of workers. Kmart has 34 stores in Colorado, 13 of them in Denver, and several thousand employees in the state.
For now, all 2,114 Kmart stores will remain open.
The Troy, Mich., retailer, which started as S.S. Kresge Co. in 1899, has struggled since the early 1990s....
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