Kmart Corp.: Rosie O'Donnell And Penny Marshall campaign

Sharyn Kolberg

In 1994 Kmart Corporation came close to bankruptcy. In October of that year the company—then the second-largest retailer in the United States—posted its seventh consecutive quarterly decline in profits, closed 100 of its 2,350 stores, cut the ranks of management by 10 percent, and laid off 5,350 hourly employees.

Kmart Corp.: Rosie O'Donnell And Penny Marshall campaign

Sharyn Kolberg

OVERVIEW

In 1994 Kmart Corporation came close to bankruptcy. In October of that year the company—then the second-largest retailer in the United States—posted its seventh consecutive quarterly decline in profits, closed 100 of its 2,350 stores, cut the ranks of management by 10 percent, and laid off 5,350 hourly employees. In March 1995 Kmart's board of directors forced the company's president and CEO to resign. And in April of that year Kmart ended its 25-year association with the advertising firm of Ross Roy Communications when it announced that it had...

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