Kmart Corp., said to be the largest U.S. retailer to file for bankruptcy, will decide after the holiday selling season whether it needs to close additional stores. The discount retailer will base any decision on a location's holiday sales, profitability, and competition, spokesman Jack Ferry said. Kmart is expected to release December sales results when it files a monthly operating report with the U.S. Bankruptcy Court in mid-January.
The Atlanta Business Chronicle said Kmart is considering closing 565 stores after the holidays, citing a list from unspecified sources. Kmart doesn't have a list of proposed
closings and is in the "preliminary" stages of evaluating
locations, Mr. Ferry said. The discounter closed 283 stores and fired about 22,000 workers earlier this year to reduce costs. The company, which now has about 1,800 stores and 220,000 workers, previously said it would wait until after the Christmas holiday season to make any decision on store closings. (Bloomberg News)
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