Kmart, the once highflying US discount supermarket chain now languishing under Chapter 11 bankruptcy protection, is seeking approval from the Chicago Bankruptcy Court to proceed with the closure of 326 underperforming stores and an “aggressive marketing campaign”.
The closures could hit up to 35,000 employees – a sacrifice the retailer claims will enable it to emerge from its Chapter 11 status by April 30. The downsizing will extend coast-to-coast, from Alaska in the north to Florida and California in the south.
Claims president/coo Julian Day: “These closings reflect an emphasis on protecting and strengthening our competitive position in key strategic markets.”
Day then switched to hype mode: “To this end, we are planning an aggressive marketing campaign to remind our current and prospective customers about the outstanding products, service and value that will continue to be available at more than 1,500 Kmart stores in convenient locations across the nation, the Caribbean and Guam.”
Data sourced from: BrandWeek.com; additional content by WARC staff