Kmart Reports $174 Million Net Loss In February
TROY, Mich. - Kmart Corp. on Friday reported a $174 million net loss for February, the first full month since the discount retailer filed for Chapter 11 bankruptcy protection, the Associated Press reports.
The Troy-based company, in a filing with the U.S. Securities and Exchange Commission, also reported $2.2 billion in sales for the month. The filing didn't offer comparative figures for 2001.
Kmart, which filed for bankruptcy on Jan. 22 after disappointing holiday sales and a stock dive, has struggled to compete with discount competitors Wal-Mart Stores Inc. and Target Corp. It has announced the closing of 283 stores and the cutting of 22,000 jobs.
The Troy-based company, in a filing with the U.S. Securities and Exchange Commission, also reported $2.2 billion in sales for the month. The filing didn't offer comparative figures for 2001.
Kmart, which filed for bankruptcy on Jan. 22 after disappointing holiday sales and a stock dive, has struggled to compete with discount competitors Wal-Mart Stores Inc. and Target Corp. It has announced the closing of 283 stores and the cutting of 22,000 jobs.