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K-Mart Corporate Scandal

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Jamie Teplica

on 13 September 2012

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Transcript of K-Mart Corporate Scandal

In 2002, KMart filed for Chapter 11 Bankruptcy. KMart Scandal KMart was founded in 1962 and is
the third largest discount store chain.
Ahead of them was Wal Mart and Target,
until their bankruptcy in 2002. The former chairman Chuck Conaway and president Mark Schwartz were spending money from the company. The company filed for Chapter 11 on January 22, 2002. The same day, Conaway admitted he was to blame for the fallout of the company. Reason for Bankruptcy Company History Stakeholders Affected by the Scandal Shareholders
Local Community
Environment was unaffected. KMart's Road to Recovery 15 months after filing for Chapter 11, KMart emerged from bankruptcy in October of 2003. They company closed over 600 stores and thousands of jobs were lost. The company is now under new leadership, and had gotten a 2 billion dollar loan to compete against their competitors.

In November of 2004, KMart merged with Sears for 11 billion dollars. Jamie Teplica
Nikki Sheehy
Full transcript