USA: Footstar Soars On Kmart's Store Closure Plan
Shares of Footstar, which runs the footwear department at bankrupt Kmart Corp, on Friday soared $4.52, or 17 per cent, to $31.50 on news that the retailer will shut fewer stores than initially anticipated. Analysts had expected the company to close as many as 500 stores, but Kmart said it would shut 284 of its 2,114 outlets and cut 22,000 jobs, or about 9 per cent of its work force.
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