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Kmart Set for Bankruptcy Exit, but Tougher Problems Loom

Kmart is one step closer to starting the next chapter of its corporate life, as a bankruptcy court has OK’d its reorganization plan. Here’s...

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According to the spokesman, management knows that a lot of work remains, but felt that it could be better accomplished outside of Chapter 11. "We won’t have between $10 million to $12 million a month to pay in professional fees." Kmart, according to bankruptcy industry estimates, spent about $120 million on professional fees during 2002.

The spokesman also hinted that a chief merchant might be announced by May 5. "Julian Day has said that he wants his management team in place by the effective date of the [reorganization] plan," he noted.
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