Kmart reported a loss of $383 million in the fiscal third quarter ended Oct. 30, compared with a restated loss of $249 million, in the same period last year.
However, company officials remain steadfast in their statements that the company will emerge from bankruptcy protection by next summer. They also say that they will not decide on new store closings until after the holiday period.
The company also said that October same-store sales showed the smallest decline since Kmart filed for bankruptcy protection in January, down just 3.9 percent from a year ago.
However, company officials remain steadfast in their statements that the company will emerge from bankruptcy protection by next summer. They also say that they will not decide on new store closings until after the holiday period.
The company also said that October same-store sales showed the smallest decline since Kmart filed for bankruptcy protection in January, down just 3.9 percent from a year ago.
- KC's View:
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It is amazing what counts these days for good news at Kmart headquarters.
With even companies like Wal-Mart suffering through the holidays, there is no reason to think that Kmart will emerge in 2003 with anything good to say about its business.
The question is how many stores Kmart will close…and we figure it is going to be in the hundreds. Kmart already has closed 282 units since the beginning of the year, and currently operates more than 1,800 units.
