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WEDNESDAY, JANUARY 23, 2002

Discount store Kmart on Tuesday filed for bankruptcy in federal court, making it the largest retail declaration in history.

The company had been struggling in recent years amid competition from WalMart and Target. Attempts to boost sales with Martha Stewart products and other maneuvers failed to restore the company.

Most of Kmart's 2,100 stores would remain open, the company said, but less-peforming ones would be closed. Reorganization is anticipated by 2003.

Get the Story:
Kmart Asks Court for Bankruptcy Protection (The Washington Post 1/23)
Kmart Still Plans To Build in D.C. (The Washington Post 1/23)
Kmart Files Chapter 11 (The New York Times 1/23)
Tracking Kmart's Demise at Ground Level (The New York Times 1/22)
Martha Stewart Crucial to a Kmart Turnaround (The New York Times 1/22)
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Relevant Links:
Kmart - http://www.bluelight.com/home/index.jsp