Madison Kmart future on hold
Record Managing Editor
Will Madison's Kmart survive another round of nationwide store closures this year?
A decision may come as early as this month regarding the future of the local retail store. Its manager, Beth Smith, said she has not heard any word at this time as to whether or not the Madison Kmart is on a list of store closures in 2003.
Smith said sales at the Madison store were good during the recent holiday season. While the Madison location is not currently on any available list of closures, Kmart spokesperson Stephen Pagnani said nothing is definite.
Pagnani said Kmart is completing an evaluation of its store base across the country and an announcement is expected to come as to which stores will be closed.
Among the factors that will determine store closures include competitiveness in the market, lease-term agreements, and year-to-year sales comparisons. According to Pagnani, a five-year plan for Kmart will be completed by the end of February.
The Madison Kmart is located on Madison Boulevard west of Wall-Triana Highway.
In January 2002, Kmart filed to reorganize under Chapter 11 of the U.S. Bankruptcy Code. Since then, Kmart has closed 283 stores across the country. Kmart currently operates more than 1,800 stores, employing more than 220,000 associates nationwide.