Kmart Corp. said it plans to emerge from bankruptcy protection by July 2003 as the discount retailer stemmed sales declines at stores open at least a year. A reorganization plan will be filed with the bankruptcy court in Chicago, IL, U.S. by Feb. 24, the company said. The retailer previously had said mid-2003 would be an "aggressive" goal and that the reorganization might extend through early 2004.
Kmart had a loss of U.S. $176 million in September, bringing its
total loss since filing for Chapter 11 protection in January to
about $2.7 billion. Same-store sales declines slowed to 6.9
percent in September and have improved through the first half of
October, the discount retailer said in a statement.
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