KMART, THE US DISCOUNT RETAILER THAT FILED FOR BANKRUPTCY PROTECTION I...
World | March 8, 2002, Friday // 00:00
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Kmart, the US discount retailer that filed for bankruptcy protection in January, said it would cut 22,000 jobs - some 10 per cent of the total workforce - and close 284 stores as part of its initial Chapter 11 financial review. The group said it would take a charge of between $1.1bn and $1.3bn as a result of the cuts but said the move was expected to enhance cash flow by $550m. The cuts are expected to improve earnings by $31m.
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