Kmart to Shut More Stores, Cut Jobs
CHICAGO - Kmart Corp. on Tuesday told employees about the latest round of store closings and job cuts, which the Detroit Free Press estimates to be 330 stores and more than 25,000 jobs. If the estimate, based on what managers told the newspaper, is correct, this would be the largest store shuttering since the retailer declared bankruptcy a year ago.
"Kmart this morning began the process of notifying affected associates about its plan to close additional stores" and a distribution operation, spokesman Jack Ferry said. He refused to give details about the closings until employees had been informed.
The retailer now operates more than 1,800 stores after closing 283 in 2002.
In the fiscal third quarter ended Oct. 30, Kmart reported a loss of $383 million, or 76 cents a share, compared with a loss of $249 million, or 50 cents a share, in the 2001 third quarter.
Kmart also reported a loss of $40 million in November on sales of $2.47 billion.
"Kmart this morning began the process of notifying affected associates about its plan to close additional stores" and a distribution operation, spokesman Jack Ferry said. He refused to give details about the closings until employees had been informed.
The retailer now operates more than 1,800 stores after closing 283 in 2002.
In the fiscal third quarter ended Oct. 30, Kmart reported a loss of $383 million, or 76 cents a share, compared with a loss of $249 million, or 50 cents a share, in the 2001 third quarter.
Kmart also reported a loss of $40 million in November on sales of $2.47 billion.
