Kmart Set To Close More Stores11 Jan, 2003 By: Hive News
Bankrupt discount retailer Kmart Corp. may seek permission to close 300 to 500 stores at a bankruptcy court hearing later this month, according to wire service reports.
Kmart, which has touted plans to emerge from Chapter 11 bankruptcy protection in the first half of this year, said it had not yet decided how many stores to close.
Spokesman Jack Ferry told Associated Press and Reuters that Kmart hoped to complete its store evaluation in mid-January to seek court approval at its monthly bankruptcy court hearing Jan. 28. He declined to comment on analysts' estimates of how many stores would be closed, the services reported.
Kmart has not yet reported its holiday sales figures, but the season was dismal for retailers overall as heavy discounting and bargain-hunting set in early and didn't let up.