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Kmart CEO Steps Down

11 Mar, 2002 By: Hive News

Kmart CEO Charles Conaway, who took the helm just days after the chain filed for Chapter 11 bankruptcy protections, has resigned.

Chairman James Adamson, 54, will succed him as part of a broader management realignment to help the restructure, a spokesman said. The former fast food executive helped bring the Denny's chain out of its dark days.

The news comes on the heels of the discounter's announcement Friday it intends to close 284 underperforming stores as part of its initial Chapter 11 financial objectives review. The closings will result in 22,000 associate layoffs, the company said.

The stores to be closed include 271 Kmart discount stores and 12 Kmart Supercenter retail outlets in 40 states and one Kmart store in Puerto Rico.

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