by Casual Observer » Wed Nov 17, 2004 12:55 pm
Perhaps this helps you understand as well:
Associated Press wrote:
Kmart Reemerges; Lampert Named Chairman
May 8, 2003 12:00 PM
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Kmart emerged from Chapter 11 this week, two months earlier than anticipated.
In a statement, Kmart president and CEO Julian Day said, "Kmart emerges from Chapter 11 having accomplished all our major objectives for this process. We have strengthened our balance sheet and significantly reduced liabilities by $6 billion. We have closed stores and renegotiated onerous lease agreements. Additionally, we have developed a more disciplined, efficient organization and lowered our overall operating costs."
Since filing for Chapter 11 in January 2002, the Troy, MI-based retailer shuttered 600 stores and eliminated more than 67,000 jobs.
Kmart stock began trading on the over-the-counter market this week and creditors and investors will receive more than 86 million new shares.
Hedge fund manager Edward Lampert, chairman and CEO of ESL Investments, takes over as chairman of the Kmart board. Lampert, who also owns significant stakes in Sears, Office Depot and Payless Shoe Stores, will receive more than 50% ownership of the new Kmart stock.
Perhaps this helps you understand as well:
[quote="Associated Press"]
Kmart Reemerges; Lampert Named Chairman
May 8, 2003 12:00 PM
EMAIL THIS ARTICLEE-mail this article
Kmart emerged from Chapter 11 this week, two months earlier than anticipated.
In a statement, Kmart president and CEO Julian Day said, "Kmart emerges from Chapter 11 having accomplished all our major objectives for this process. We have strengthened our balance sheet and significantly reduced liabilities by $6 billion. We have closed stores and renegotiated onerous lease agreements. Additionally, we have developed a more disciplined, efficient organization and lowered our overall operating costs."
Since filing for Chapter 11 in January 2002, the Troy, MI-based retailer shuttered 600 stores and eliminated more than 67,000 jobs.
Kmart stock began trading on the over-the-counter market this week and creditors and investors will receive more than 86 million new shares.
[b][u]Hedge fund manager Edward Lampert, chairman and CEO of ESL Investments, takes over as chairman of the Kmart board. Lampert, who also owns significant stakes in Sears, Office Depot and Payless Shoe Stores, will receive more than 50% ownership of the new Kmart stock.[/u][/b][/quote]