Tuesday, July 26, 2016

Employees Say Kmart Is on Its Last Legs

Kmart says it's "focused on restoring profitability to the company." Employees say it's preparing to declare bankruptcy within a year. As Business Insider reports, Kmart—which has seen sales plummet to less than a third of what they were in 2000—is clearing out stock rooms, putting all merchandise on the sales floor, laying people off, and adopting cost-cutting measures at various locations around the country. Parent company Sears Holdings says the goal is to "refine our inventory replenishment process" and keep employees on the sales floor, where they're apparently happier. "Kmart remains a key piece of our asset portfolio," and reports to the contrary are "rumor and speculation," says a rep. But employees communicating on message boards say it's all part of a liquidation strategy. . . . more

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