Retail Industry
Industry: Email Alert RSS FeedKmart begins Chapter 11 reorganization, considers store closings. (Newsmakers).(Brief Article)
Do-It-Yourself Retailing, March, 2002
At press time, Kmart Corp. had not announced how many of its 2,100 stores it wants to close as part of its Chapter 11 turnaround plans, but analysts speculate it will be in the hundreds. The nation's third-largest discount retailer is expected to reveal its plans this month, perhaps at a court hearing scheduled for March 20.
Kmart filed for bankruptcy protection in January following lower-than-expected holiday sales and fourth-quarter earnings, downgrades by credit-rating agencies and a stock dive.
Still, the company is telling investors, customers and vendors that it plans to return to financial health and emerge from Chapter 11 by July 2003. Chief Executive Officer Charles Conaway was upbeat about its future.
"Kmart is not going out of...
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