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Reports out of Chicago say that bankrupt retailer Kmart plans to close some 490 of its 1,833 stores nationwide after the first of the year. In the Windy City, expectations are that 17 local Kmarts will be closed down, in addition to the 17 that were closed earlier this year in the first round of closings.

Kmart also announced that it would restate financial results for three years as a result of its investigation into past accounting practices.

However, the company said that the restatement would not affect its liquidity or bankruptcy status.
KC's View:
Is that an iceberg we see on the horizon?