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The New York Times reports that Kmart Corp. will ask the United States Bankruptcy Court this week for permission to close more than 300 stores, or one-sixth of its existing fleet of about 1,800 stores.

The NYT also reported that Kmart will ask for approval to close yet another 122 stores, should it become necessary to do so.

Kmart closed more that 280 stores last year in an effort to shore up its finances, but it hasn’t worked.

Kmart would not confirm the numbers, and would only say that it expected to complete its evaluation of the current store network by mid-January.
KC's View:
Which, of course, is Wednesday...