Headlines

Aggressive Timetable

Kmart plans to exit bankruptcy in July 2003

Published

22 years ago

February 1, 2002

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Kmart Corp. (Troy, Mich.) has set July 2003 as a target date for emerging from bankruptcy. Jack Butler, the discount retailer's lead attorney, disclosed that timetable at a meeting with the company's creditors on Thursday.

Kmart, which filed for Chapter 11 bankruptcy protection Jan. 22, also expects to complete a review of its operations by March 20 that could result in the closing of some of its 2,100 stores, Butler said. Wall Street analysts believe the retailer needs to close as many as 500 of its outlets.

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