Paper: Kmart to close 291 stores
Feb 13, 2002 12:00 PM, Staff and wire reports
Citing a list of "unknown origin," The Detroit Free Press reported Tuesday that Kmart Corp. plans to close 291 stores across the country as part of its ongoing bankruptcy reorganization.
Although the Troy, Mich.-based retailer refuses to provide details regarding any store closings, the newspaper published a list -- ostensibly obtained from someone with knowledge of the bankruptcy reorganization -- of all 291 stores to be closed.
That list can be accessed at http://www.freep.com/money/business/kmart_stores.htm.
Kmart plans to emerge from bankruptcy in 2003. The company says it is reviewing the profitability of its 2,100 stores and will close money-losing locations. It says it will reveal details of that plan at a bankruptcy court hearing March 20.
Some Wall Street analysts have predicted Kmart could eventually shutter between 250 and 500 stores.
-- Staff and wire reports
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