Atlanta Business Chronicle: Kmart to Shutter 565 Stores

Nov 04, 2002

By George Anderson

The Atlanta Business Chronicle claims to be in possession of a list of 565 Kmart stores tentatively scheduled for closing next year.

Kmart was quick to deny the report. The retailer’s chief restructuring officer, Ron Hutchison, told Detroit’s Free Press, “The company has no list. There hasn’t been one single presentation to senior management that mentions any stores that will close. That’s why I find it amazing that they claim to have a list.”

This is not the first time the Atlanta Business Chronicle has reported having such a list. In February, the publication reported that 291 Kmart stores would close. The chain wound up shuttering 284 stores. Thirty-two stores on the list continued to operate. There were another 50 stores closed that were not included on the list.

Moderator’s Comment: Will the publicity surrounding
the Atlanta Business Chronicle’s report have any effect on whether consumers
choose to shop or not at Kmart this holiday season?

We have no idea whether the Atlanta Business Chronicle’s
list is an internal Kmart document. We are quite sure, however, that Kmart is
going to close more stores next year even if it denies that now. The chain is
simply waiting until after Christmas to announce anymore bad news.

Anderson – Moderator

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