Kmart Corp chairman James Adamson on Thursday revealed he expects the debt-ridden retail giant to emerge from Chapter 11 bankruptcy protection early next summer.

Adamson, who last week announced a $1.83 billion loss and a 12.1 per cent slide in sales to $15.2bn for the six-months to July 31, also said he does not expect any more store closures or job losses this year, although did not rule them out in 2003.