USA: Kmart Sourcing Chief Wiliam Underwood Quits
The Michigan-based firm said the 62-year-old had resigned after coming out of retirement last summer to help its Chapter 11 reorganisation. He also served as chief merchant on an interim basis.
"Bill recognized the critical value of global sourcing and showed flexibility in helping us develop the merchant organisation," Kmart president and CEO Julian Day said. "We thank him for his efforts and wish him well."
Kmart, which axed almost 60,000 jobs and 600 stores while in bankruptcy, last week posted a first quarter loss of $862 million compared to a loss of $1.44 billion in the same period of the prior year.
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