The Troy, MI-based company had announced that it would be closing 326 stores but it says that that number was reduced "as a result of the completion of successful lease negotiations with landlords at nine stores."

The five Kmart stores that will be closed in the state are located at 7 Allstate Rd. in Boston, 400 Lowell Ave. in the Westgate Shopping Center in Haverhill, 10 Pilgrim Hill Rd. in Plymouth, 600 South St. in West Raynham; and, 301 E. Main St. in Westfield. The company says the closing stores will continue to remain open pending completion of inventory clearance sales, which are expected to begin Jan. 30. The store closing process is expected to last approximately 10 to 12 weeks.

The company also received bankruptcy court approval for $2 billion in exit financing from GE Commercial Finance, Fleet Retail Finance Inc. and Bank of America, N.A. The financing is subject to the conditions to closing and would be available to Kmart to help meet its ongoing working capital needs, including borrowings for seasonal increases in inventory.

The company just filed its reorganization plan and has an investment agreement with two investors, ESL Investments, Inc. and Third Avenue Value Fund. With this filing, Kmart says it is positioned to emerge from Chapter 11 protection as early as April 30, 2003.