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Kmart CEO leaves
Posted: Monday, March 11, 2002
DETROIT (AP) -- Kmart Corp.'s chief executive, Chuck Conaway, left the struggling discount chain Monday, three days after the company announced it was closing 284 stores and cutting 22,000 jobs.
James Adamson, chairman of the board, will replace Conaway as head of the bankrupt retailer, effective immediately.
Kmart filed for Chapter 11 bankruptcy protection Jan. 22, following lower-than-expected holiday sales, downgrades by several credit rating agencies and a stock dive.
Conaway was replaced as Kmart chairman by Adamson days before the bankruptcy filing.