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Kmart announces its recovery plan
United States
Friday 15 March 2002
Kmart, the US retailer which filed for bankruptcy in January, announces it is to close 284 stores and cut 22 000 jobs part of its recovery plan. The group has also announced a number of changes to its board with James Adamson as Kmart's new CEO. Kmart is aiming to emerge from Chapter 11 bankruptcy protection by July 2003.
