Heads Rolling at Kmart

Kmart Corp. (Troy, Mich.) has said it plans to complete job cuts at its corporate headquarters by the end of the month as it closes more than 300 stores this year.

About 500 to 1000 jobs — including management and senior management positions — are to be eliminated from the 2900 employees at the company's headquarters, according to the Detroit Free Press, which cited a person familiar with the situation.

Kmart spokesman Jack Ferry said the extent of the layoffs would be announced after they are completed. But he said at least 25 percent of senior level headquarters positions would be eliminated, including jobs now unfilled.

Kmart is shuttering 316 stores, affecting at least 30,000 employees, as part of its reorganization from bankruptcy protection. The retailer plans to exit Chapter 11 protection around April 30, 2003, 15 months after filing for bankruptcy on Jan. 22, 2002. In 2002, Kmart closed 283 stores.