Retail
Jury Impaneled in Kmart Bankruptcy Probe
TSC Staff
08/11/02 - 05:46 PM EDT
As part of its probe into bankrupt Kmart, the U.S. attorney's office has impaneled a federal grand jury in Detroit, the Associated Press reported.
More than 20 subpoenas have been issued for records, documents and witnesses. The Troy, Mich.-based discount retailer filed for bankruptcy on Jan. 22, following a plunge of its stock, and weak holiday-season sales.
The federal investigation is centered on finding out whether former Kmart executives, including ex-CEO Chuck Conaway, will face charges in the company's bankruptcy, the AP reported.