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Essay on Kmart
Introduction
One of the oldest, low priced, retail trades in America is Kmart. Kmart is recognized for its low prices, in store pharmacies, blue light specials, as well as Martha Stewart Collection. Nonetheless, over the past couple of years Kmart has come on to some tough times. Stock prices have dropped, net sales have become depressing, stores have been shut down and thousands of employees have been laid off. To make matters even worse, early this year Kmart was endanger of filing for chapter 11 bankruptcy. But all through the storm Kmart has found light and will fights to succeed with tactics of reconstruction, new business strategies, as well as marketing changes. Kmart is slowly recovering and optimistically they will ultimately win the fight in opposition to their biggest competitor Wal-Mart.
First, Kmart must endure what's expected to be a long, complicated bankruptcy period and painful downsizing -- at the corporate and store level. And its vendors will need to hold their breaths to see if they make the cut in the biggest retail bankruptcy in U.S. history.
Then comes the tough part. The Troy, Mich.-based discounter must devise a compelling and unique strategy for the future that works against the seemingly non-stoppable Wal-Mart, Target and Kohl's, and the growing competitiveness of Sears and J.C. Penney (Swoboda, 1993).
In filing its Chapter 11 petition Tuesday, the nation's third-largest retailer said that it intended to reorganize on a "fast-track basis and has targeted emergence from Chapter 11 in 2003." The action confirmed a WWD report last week that a bankruptcy could occur within days.
The bankrupt retailer also has attained a $2 billion senior secured debtor-in-possession (DIP) financing facility from Credit Suisse First Boston, Fleet Retail Finance Inc., General Electric Capital Corp. and J.P. Morgan Chase Bank. The DIP facility, upon bankruptcy court approval of an interim financing order....
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