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Kmart to Close 326 Stores

January 14, 2003

DETROIT (AP) _ Kmart Corp. will close 326 stores and plans to emerge from bankruptcy by April 30, chief executive James Adamson said Tuesday.

The Troy-based retailer currently operates roughly 1,830 stores. More than 20,000 employees are expected to lose their jobs.

The store closings are subject to court approval. Kmart is scheduled to appear in U.S. Bankruptcy Court in Chicago on Jan. 28.

Tuesday’s announcement marks the second round of closings in less than a year. Last March, Kmart closed 283 stores, affecting 22,000 jobs.

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