Kmart Misery Grows

New York Post ^ | January 21, 2002 | Christopher Byron

[Timesink]

January 21, 2002 -- WE'VE all heard a lot lately about the impending bankruptcy reorgani zation of Kmart. The company's stock has collapsed, its bonds have collapsed, and now the century-old discount retailing chain itself may be facing collapse.

But any such reorganization seems unlikely to do more than postpone the day of reckoning for a while longer - and maybe not a whole lot longer at that. Sooner or later, this company is going to close its doors and go out of business.

[Night Hides Not]

I'm truly sorry to hear of your personal travails. Unfortunately, your story occurs every day in our capitalist society: there are winners and losers. Your company's strategy of tying itself to K-Mart is clearly not working.

Your choice is two-fold: take your experience and move to another company (before it's too late), or hope that your company's management is prescient enough to find other sources of revenue.

A lesson that everybody needs to learn in today's economy is that to survive and prosper, one must be nimble and flexible. I work in Texas, which is a right to work state. For the past three years, I've enjoyed the best job situation of my entire life (Thank You, God!), and hopefully it will last another 10-15 years. However, I understand that it could end tomorrow. That being the case, I stay up with the local job market, and keep networking should that worst case scenario occur.

It appears to me that you have readily transferable skills. Take advantage of that, and put those assets to work for YOU!

[thirst4truth]

that's why it's called "Kame-Apart"

LOL, I have been calling it that for 20 years, and have not shopped there for about that long. Now Wal Mart needs to go down, can't stand that place either. I will stick with Mom and Pop stores where they know your name when you walk in!!

[Don Joe]

KMart lost me the first time I had to spend a half hour arguing with the red-faced and sweating manager, just to get them to honor the advertised price on what I had in my cart.

The fact that they ultimately honored it -- and, paid the ten-times penalty required by Michigan law -- did not in any way diminish my recognition of the fact that dealing with KMart means dealing with an adversary. If no one else has it, and I need it, I'll get it from the adversary. Otherwise, they can go pound sand. And I must say it looks like they're getting a lot of practice in that endeavor as of late.

That Mather Stupert is taking it on the chin is merely the icing on the cake. :)

[sangoo]

My local Kmart resembles a third world country. English is a second language there. They have recently put in some self-check checkout stands that allow the locals to leave without paying.

[stainlessbanner]

I will stick with Mom and Pop stores

Me Too! Wal-Mart is ruining small towns across America. I despise both Wal-Mart & K-Mart. I'll pay a little more if I have to, but the small stores are better.

PS: Reminds me of that Alan Jackson song about the "Little Man"

[FresnoDA]

Attention KMART Shoppers

Special in the Grocery Department

Ground Beef is .99 lb. Yum!!

[ShorelineMike]

There must be an echo in here ...

From today's Wall Street Journal (registration may be required):

Kmart, Regulators Launch Probe into Retailer's Accounting Practices

TROY, Mich. -- Kmart Corp. said Friday that it has begun an investigation after receiving an anonymous letter claiming to be from employees that expressed concern about unspecified accounting matters.

The U.S.'s third-biggest discount retailer, which filed for bankruptcy protection earlier this week, said that it contacted the Securities and Exchange Commission and its own investigation team about the letter and that it is cooperating with the regulatory agency.

The disclosure comes amid heightened sensitivity about accounting issues in the wake of the collapse of the energy trader Enron Corp.

I eagerly await the Daschle-Waxman-Bonior inquisition into Kmart. :-)