US Discount Retailer Kmart to Close 326 Stores, Slash Jobs

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Last updated at: (Beijing Time) Wednesday, January 15, 2003

US Discount Retailer Kmart to Close 326 Stores, Slash Jobs

US discount retailer Kmart Corp.will close 326 stores and a distribution center, affecting 37,000 jobs in a restructuring plan to emerge from bankruptcy by April 30 this year.

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US discount retailer Kmart Corp.will close 326 stores and a distribution center, affecting 37,000 jobs in a restructuring plan to emerge from bankruptcy by April 30 this year.

The company's announcement came Tuesday as the second round of closings in less than a year after Kmart closed 283 stores, affecting 22,000 jobs last March.

James B. Adamson, Chairman and Chief Executive Officer of KmartCorp., said in a statement Tuesday that the actions "mark an important milestone in Kmart reorganization."

Adamson said the company has largely completed its Chapter 11 agenda and the company expects to meet or even surpass its original goals.

Kmart said the action intends to enhance the company's financial and operating performance. Kmart also reported its same-store sales for December were down 5.7 percent from the same period last year.

Kmart, which currently operates more than 1800 stores across the United States, filed for bankruptcy last January after a stockdive and disappointing 2001 holiday sales.

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