KMART’S LOSSES: Distressed discounter Kmart Corp. on Monday said it had a $135 million loss in March, while same-store sales fell 8.4 percent in the period. The retailer, in a document filed with the Securities and Exchange Commission, also said that sales in the four weeks ended March 27 were $2.24 billion. Comparable-store results excluded data for the 283 stores that Kmart is shutting down. The retailer also reported that Chapter 11 reorganization costs were $12 million. Kmart filed for bankruptcy court protection in Chicago on Jan. 22.
WARNACO EXTENSION: The Warnaco Group last week received bankruptcy court approval to extend until July 31 its exclusive right to file a plan of reorganization. The extension request was the third one for the bankrupt manufacturer. The company is still in the process of searching for buyers for several of its operations.
EB EXITS: The Elder-Beerman Stores Corp. has eliminated 105 positions, 1.5 percent of its 7,000 person workforce, as part of its ongoing effort to pare costs. The Dayton, Ohio-based operator of 67 department stores said 38 of the affected employees have been placed in positions elsewhere in the firm and the remainder will receive severance packages. Twenty-two of the positions were in the corporate office and the rest in store management posts. The cutbacks will reduce expenses by $3.6 million a year, excluding a $577,000 severance charge to be applied in E-B’s first quarter ending May 4, the firm said.