Kmart Cuts 12 Management Jobs
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TROY, Mich. (AP) _ Kmart Corp. has cut a dozen jobs at its headquarters, including several in merchandising, the company said Friday.
The job cuts are part of an effort to streamline the retailer’s senior-level management team and reduce its geographic divisions from five to two, Kmart said.
``This new realignment will bring senior management closer to the business, reduce overhead and cut costs,″ said Kmart chairman and chief executive James Adamson.
Dave Marsico, most recently senior vice president for sales and advertising, was named president of the Eastern division. Doug Meissner will become president of the Western division. He previously held that post for the Northeast division.
Paul Hueber was named senior vice president for operations administration.
The executives who lost their job include divisional presidents and vice presidents. Kmart said for most of the positions, the responsibilities will be absorbed by others in the company.
Kmart already has eliminated 22,000 jobs by closing 283 stores. The discount retailer filed for Chapter 11 bankruptcy protection on Jan. 22 following disappointing holiday sales and a stock dive.