Headlines

New Chapter

Kmart to exit bankruptcy protection by May 5

Published

21 years ago

April 23, 2003

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Kmart Corp. (Troy, Mich.) expects to emerge from bankruptcy on or before May 5, now that a federal judge has approved its reorganization plan.

That timetable is months ahead of the forecast Kmart officials issued at the time the retailer filed in January 2002, but slightly behind the more optimistic estimates its executives had given in recent months.

Kmart, which reported a $3.22 billion loss for fiscal 2002, closed 600 stores nationwide as it worked to return to profitability. It now has about 1500 stores and 180,000 employees.

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