KMART CORP. ON TUESDAY FILED FOR BANKRUPTCY PROTECTION AFTER A DISMAL ...

World | January 22, 2002, Tuesday // 00:00

Kmart Corp. on Tuesday filed for bankruptcy protection after a dismal holiday sales season and stiff competition from rivals Wal-Mart Stores Inc. and Target Corp. left the discount retailer strapped for cash. The retailer said it had secured $2 billion in debtor-in-possession financing and its 2,100 stores will continue to operate as it restructures its business.

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