Kmart Says it is Making Reorganization Progress

TROY, Mich. - Kmart Corp. said Tuesday that it has made significant progress in its reorganization in the past week, The Associated Press reports. Since filing for Chapter 11 bankruptcy protection last week, the company has received court approval to continue providing wages and benefits to employees and has received assurances from many of its key vendors that they are resuming shipments under normal terms.

"We are pleased with the prompt approval by the court of our `first day motions,' which, taken together, will enable the company to operate without interruption and meet normal business obligations," Kmart chief executive Charles Conaway said in a statement.

"Judging from the calls, e-mails and letters we've been receiving, it is clear that there are a lot of people who love Kmart and are willing to go the extra mile to help make sure we come through this process a stronger and healthier company."
This ad will auto-close in 10 seconds