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DETROIT (AP) _ Amid speculation Kmart Corp. could seek bankruptcy protection, the troubled retailer announced on Thursday some sweeping management changes and said it was continuing to review its finances.

Kmart names James B. Adamson, one of its board of directors, to be chairman, replacing Charles Conaway, who remains as chief executive.

The retailer also announced that its president and chief operating officer, Mark S. Schwartz, has left the company.

It said Adamson will serve as the principal liaison between the board and the company's senior management.