Kmart Responds to Speculation About Bankruptcy
NEW YORK - Kmart Corp, responding to a Wall Street analyst's suggestion that it may face bankruptcy, today said the company has sufficient funds and available lines of credit to continue to carry out its strategies, Reuters reports.
Earlier today Prudential Securities analyst Wayne Hood cut his rating on the stock to "sell" from "hold" and said he "would not be surprised if the company were to file Chapter 11 bankruptcy if trends do not improve."
Shares of Kmart plunged to their lowest point in at least 20 years after Hood's downgrade, dropping 84 cents, or 15.4 percent, to $4.62 in early afternoon trading on the New York Stock Exchange.
Earlier today Prudential Securities analyst Wayne Hood cut his rating on the stock to "sell" from "hold" and said he "would not be surprised if the company were to file Chapter 11 bankruptcy if trends do not improve."
Shares of Kmart plunged to their lowest point in at least 20 years after Hood's downgrade, dropping 84 cents, or 15.4 percent, to $4.62 in early afternoon trading on the New York Stock Exchange.