Meet the Street: Bankruptcy Not Expected to KO Kmart

Unfortunately, the picture's not pretty for Kmart(KM Quote) shareholders if the company doesn't manage to make good on its turnaround plans.

After weeks of speculation, Kmart filed for bankruptcy protection Tuesday, citing a rapid decline in liquidity resulting from its weak fourth-quarter sales and earnings, the evaporation of the surety bond market and an erosion of supplier confidence.

Bill Kelleher, Attorney, Cohen & Grigsby

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