Kmart, Penske Battle Continues To Brew
Execs Try To Close Centers, But Court Steps In
POSTED: 2:23 p.m. EDT April 8, 2002
UPDATED: 8:23 a.m. EDT April 9, 2002
A bankruptcy judge in Chicago will decide today how Kmart and Penske will sever their ties.
Penske executives tried to close its centers at all 563 Kmart locations over the weekend.
But on Saturday, a bankruptcy court issued a temporary restraining order to keep the auto centers open for now.
Kmart had been in discussions with Penske about the future of the centers.
Penske Corporation purchased the centers from Kmart in 1995.
Troy-based Kmart is denying reports it might shut down 700 additional stores, which is something that Penske cited in court as a reason for leaving.
Previous Stories:
- March 8, 2002: Penske Centers At Kmarts To Close
Copyright 2002 by ClickOnDetroit.com.
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