USA: Kmart Exits Chapter 11, Loses $483m In March
Discount retail giant Kmart Corp finally emerged from Chapter 11 bankruptcy protection on Tuesday having posted a $483 million loss for March and named Edward Lampert as its new chairman. The Michigan-based firm, the country's third largest discount chain, emerged from bankruptcy after 15 months during which it axed around 600 stores and more than 60,000 staff.
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