Business Insider reports that "Kmart employees believe the company is nearing bankruptcy and is in the process of shutting down all its stores.
"The chain has closed one-third of its stores in the last decade, and sales have been cut in half in the same time period." And store employees say that "many of the remaining 941 Kmart stores now appear to be in the midst of liquidation," with layoffs, labor hour reductions, and stock room purges that leave stores without merchandise to sell.
Kmart, which is owned by Sears Holdings, denies the report, saying that it is "highly focused on restoring profitability to the company."
"The chain has closed one-third of its stores in the last decade, and sales have been cut in half in the same time period." And store employees say that "many of the remaining 941 Kmart stores now appear to be in the midst of liquidation," with layoffs, labor hour reductions, and stock room purges that leave stores without merchandise to sell.
Kmart, which is owned by Sears Holdings, denies the report, saying that it is "highly focused on restoring profitability to the company."
- KC's View:
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Sears and Kmart ... dead companies walking. Just a matter of when.
