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Kmart update

This article was originally published in The Rose Sheet

Executive Summary

Retailer expects to file reorganization plan and accompanying disclosure statement in Chicago bankruptcy court Jan. 24; company could emerge from Chapter 11 as early as April 30, 1Kmart's Jan. 14 press release says. Firm also announces plans to shut down 326 stores and one distribution center; closings follow elimination of 283 stores last year. In its monthly operating report for December, retailer reports net income of $349 mil. on net sales of $4.71 bil. for the five weeks ended Jan. 1, with net sales down 5.7% on a same-store basis compared to year-ago period...
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