Kmart Outlines Restructuring Plan, Secures $2 Billion In Financing

Kmart has laid out its plans to restructure and emerge from bankruptcy protection as a "better-run chain" in its petition for Chapter 11 protection filed Jan. 22. Under the plan, Kmart will likely break leases on 350 shuttered stores, saving $250 million annually. Analysts say Kmart will need to differentiate itself from competitors and perhaps seek a buyer while in bankruptcy.

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