Kmart Corp. announced that it will eliminate 660 jobs to cut costs, as it prepares to emerge from bankruptcy protection at the end of the month.
About two-thirds of the jobs are at its Troy, Michigan, headquarters; another 123 corporate posts around the country will be cut, and 137 open jobs will be eliminated.
The cuts will save the company $90 million this year, and $150 million a year on an annualized basis.
Since filing for bankruptcy, Kmart has shot down more than 600 stores and laid off more than 50,000 people.
About two-thirds of the jobs are at its Troy, Michigan, headquarters; another 123 corporate posts around the country will be cut, and 137 open jobs will be eliminated.
The cuts will save the company $90 million this year, and $150 million a year on an annualized basis.
Since filing for bankruptcy, Kmart has shot down more than 600 stores and laid off more than 50,000 people.
- KC's View:
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The shame is that as Kmart emerges from bankruptcy, there are some 50,000 people who it may be sending close to the precipice of bankruptcy.
But that’s life, we suppose. It’s just important not to think of these kinds of cuts simply terms of efficiency, but also in terms of the human cost that all Kmart’s mistakes have created.
