USA: Kmart Chief Warns Of More Job Losses
The head of cash-strapped retail giant Kmart Corp said on Thursday the company plans to cut more jobs from its headquarters in Michigan and will also axe various positions at its 18 distribution centres.
Chairman and CEO of the Troy-based firm, James Adamson, told the Detroit News and Detroit Free Press "the last place we want to cut costs is in the stores" as 35 accountancy staff were made redundant.
Kmart has shut more than 280 stores and axed 22,000 workers since filing for Chapter 11 bankruptcy protection at the start of the year. Adamson said the retailer is considering closing more stores in early 2003.
Adamson made his comments following the launch of a Joe Boxer line of apparel through an exclusive licensing agreement.
Companies: Sears Holdings Corporation
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