Kmart To Issue Plan For Store Closures
Kmart Corp. must give the court overseeing its bankruptcy reorganization a list of the stores it plans to close and liquidate by March 11, according to documents filed Friday. Kmart says it will choose a firm to conduct the liquidation by March 13.
The Troy, Mich.-based
retailer, which filed for Chapter 11 protection last month (Bulletin, Jan. 23), could close more than 350 stores. Kmart anticipates about $250 million in annual savings from the closures, which it expects to complete this summer. A spokesman for Handleman, which supplies music for Kmart, had no comment. Kmart stock closed yesterday up four cents at $1.03.
The Troy, Mich.-based
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