Kmart Has Loss in June as Sales Fall
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Kmart Corp., the largest U.S. retailer to file for bankruptcy, said it had a loss of $137 million in June as same-store sales fell.
The loss for the period ended June 26 included reorganization expenses of $11 million for professional fees and $8 million in retention bonuses, Kmart said in a regulatory filing. This brings the discount retailer’s total loss to $2.26 billion since it filed for bankruptcy protection Jan. 22.
Same-store sales, excluding 283 stores that Kmart finished closing June 2, dropped 8.7% in the period ended July 3.
Shares of Troy, Mich.-based Kmart rose 2 cents to 69 cents on the NYSE.
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