TAIWAN: Asian Jeans Supplier Suspends Kmart Shipments
Shockwaves from Kmart Corp's financial difficulties have spread to Asia, with Nien Hsing Textile today saying that it is suspending shipments to the troubled retailer. The US's New York Times and Wall Street Journal say Kmart could file for Chapter 11 bankruptcy protection today. An official at Nien Hsing, which supplies US$2-$5 million of blue jeans monthly to Kmart, told Reuters: "The orders we should have shipped for this week will be delayed, while we wait for a clear plan from Kmart to solve its financial problem."
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