Kmart Announces Store Closings, Job Cuts

Under its restructuring plan, Kmart today announced it will close 284 stores and cut 22,000 jobs, or about 9% of its work force. The nation's third largest discount retailer said the move should increase cash flow by $550 million this year. "The decision to close these underperforming stores, which do not meet our financial requirements going forward, is an integral part of the company's reorganization effort," Kmart's chief executive said.

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