Kmart to close 326 more stores, axe 37,000 jobs
Struggling discounter Kmart Corp., Troy, Mich., has announced plans to axe a further 326 stores and 37,000 jobs in addition to the 283 stores and 22,000 jobs it cut last year after filing for Chapter 11 in January 2002. The latest round of store closings will shut down 266 Kmart and Big Kmart stores,
60 Kmart Supercenters in 44 states and Puerto Rico and one of its 18 distribution centers. The announcement came as the company reported net income of $349 million on net sales of $4.7 billion for the five weeks ended Jan. 1. After the new closures, Kmart will be left with more than 1,500 stores.
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