Reports out of Michigan suggest that Kmart will say next week how many stores it intends to close as it struggles to emerge from bankruptcy protection. Analysts believe it will be between 200 and 500; the company closed 283 units last year.
The problem for Kmart is that its own operational issues are magnified by an economy in which even more accomplished operators is having trouble. Third-quarter losses were $383 million, on sales of $6.73 billion, and the company has not provided any information as yet about its December sales.
The company is slated to file its final reorganization plan with the U.S. Bankruptcy Court on Feb. 24.
The problem for Kmart is that its own operational issues are magnified by an economy in which even more accomplished operators is having trouble. Third-quarter losses were $383 million, on sales of $6.73 billion, and the company has not provided any information as yet about its December sales.
The company is slated to file its final reorganization plan with the U.S. Bankruptcy Court on Feb. 24.
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