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There are reports in numerous newspapers this morning on Kmart's emergency from bankruptcy protection yesterday, and just about all of them focus on something Kmart hasn't done yet -- hire a Chief Merchandising Officer who will help shape the part of the company that actually is visible and meaningful to consumers.

As expected, when Kmart emerged from bankruptcy, it named a new chairman, Edward Lampert, the investor who is now the largest private shareholder in the company and a chief architect of the financial plan that got it out of Chapter 11 protection.

Also as planned, the company's president, Julian Day, got a $1 million bonus. Day got the CEO job less than a year ago.

Kmart also chose yesterday to post a $483 million loss for March, with same-store sales off more than seven percent.
KC's View:
Not having someone running the merchandising component of the company is illustrative of the fundamental flaws that still affect Kmart. At this point, the best question that can be asked is when it will go back into bankruptcy protection…