Reports: Kmart to release list of store closings by March 11
Feb 19, 2002 12:00 PM, Staff and wire reports
Kmart Corp. reportedly plans to release a list by March 11 of the stores it wants to close as part of its ongoing restructuring efforts.
According to reports by the Associated Press and The Detroit Free Press, the retailer submitted a filing Friday to a U.S. Bankruptcy Court in Chicago saying it will hire a liquidator to sell the merchandise in the closed stores.
In those same court documents, Kmart noted "prompt execution of the store-closing sales at this time is critical given that the first quarter is historically a time of significant cash drain," the news organizations reported. "Any delay will only lead to continued operational losses for these closing stores."
Kmart had previously said it would release details of the store closings at a March 20th hearing.
-- Staff and wire reports
