Local Kmart stores to remain open for now, despite bankruptcy
Tuesday, January 22nd 2002, 12:00 am
By: News On 6
Kmart has filed for bankruptcy, becoming the largest retailer to seek shelter from creditors under Chapter 11 bankruptcy.
Kmart's sole supplier of groceries has already announced it's stopping shipments because it failed to make a $78-million payment last week.
Kmart has 8 stores in eastern Oklahoma, including 6 in the Tulsa area. They also have stores in Bartlesville and Muskogee. Company officials indicate no stores will be closed at this time.
Kmart says it plans to reorganize on a fast track, targeting 2003 as the year it will emerge from bankruptcy protection.