"Kmart hopes that closing and terminating the leases of hundreds of under-performing stores, lowering costs, and improving efficiency will improve profitability," according to a report by Real Estate Research Corp. "If Kmart can focus its efforts in those locations where it fills most of the basic, everyday needs of the people in its community, it can be profitable. It is a dog-eat-dog world for retailers -- only the strong and well-focused will survive."
The closings are subject to bankruptcy court approval, which is expected to come March 20 at a hearing in Chicago.
The closings include 18 stores in Michigan, including Albion, Battle Creek, Benton Harbor, Charlotte, Coldwater, Essexville, Flint, Houghton, Kentwood, Lansing, Livonia, Ludington, Marquette, Niles, Novi, Plainwell, Taylor and Three Rivers.
The stores targeted for shuttering were deemed to be "under-performing" by the company, which has 2,100 Kmarts across the US.
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