Kmart Closures
Troy, Mich.-based retailer Kmart announced plans to lay off 37,000 workers and close 326 stores and a distribution center in its efforts to emerge from Chapter 11 bankruptcy protection by April. The retailer, which sought bankruptcy protection last January, said the closures will help the company generate about $500 million in cash flow. After the closures, Kmart will operate about 1,500 stores.
