Reuters reports that while Kmart Corp.'s creditors are still fighting over how much of the company they deserve, management says it will file its reorganization plan with the bankruptcy court today with or without their full agreement.
If eventual agreement is at odds with Kmart’s filed plan, it can always be amended, according to a company spokesman.
Kmart has been in bankruptcy protection for just over a year, and has announced that it plans to emerge from that status in late April. It also plans to close 326 of its some 1,800 stores, bringing to more than 600 the number of units it will have shuttered since going into bankruptcy.
As many as 37,000 jobs will be eliminated by the company in the new cuts.
If eventual agreement is at odds with Kmart’s filed plan, it can always be amended, according to a company spokesman.
Kmart has been in bankruptcy protection for just over a year, and has announced that it plans to emerge from that status in late April. It also plans to close 326 of its some 1,800 stores, bringing to more than 600 the number of units it will have shuttered since going into bankruptcy.
As many as 37,000 jobs will be eliminated by the company in the new cuts.
- KC's View:
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Kmart may have made cuts, but has it learned how to be a merchant? How to stimulate and lead its people? How to capture the imagination and convert a public that seems to worship the price cutting theology of the Church of Wal-Mart?
We think not.
What’s the over-under on when Kmart files for bankruptcy protection a second time?
