NEW YORK — Even with bad news pouring out of its Troy, Mich. headquarters, Kmart’s chances of emerging from bankruptcy soon remain strong. The view on long-term survival, however, remains bleak.
The man ministering most to the bankrupt chain, James Adamson, quit as chief executive on Sunday, just five days after the chain announced it would close 326 more stores and slash 37,000 jobs, and ironically just five days before the company is expected to make a major filing pertaining to its reorganization plan. A five-year business plan was approved by the board last week.
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