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TROY, Mich. - Kmart Corp. on Thursday said it expects to announce which stores it will close as part of its turnaround effort by at a March 20 bankruptcy hearing, The Associated Press reports. In addition, the company's bankruptcy lawyer, John W. Butler Jr., detailed the discount retailer's plan to return to financial health by July 2003.
Analysts have speculated that Kmart's closings will be in the hundreds. The company operates around 2,100 stores in total.
Butler said he wanted creditors and vendors to know Kmart is moving quickly to close stores that aren't making enough money, cut other costs and cement relationships with its most important suppliers, according to the AP.
Butler also said Kmart is asking suppliers to ship goods without demanding cash payments in advance or on delivery, The Detroit News reported. The term of Kmart's $2 billion credit line is 27 months, covering the retailer beyond its July 2003 target date for exiting Chapter 11.