Kmart Posts Help Wanted Signs

May 07, 2003
George Anderson

By George Anderson

Kmart emerged from Chapter 11 bankruptcy protection yesterday with many questions about its future still unresolved.

The retailer named Edward Lampert as chairman of the board. It still needs, however, to fill a number of key management positions if it intends to turn its fortunes around.

An Associated Press article says Kmart is looking to find management talent to fill the key positions of chief merchandising officer and chief financial officer.

Industry observers, however, believe filling these two slots are just a beginning to the personnel changes Kmart needs to make.

Burt Flickinger, managing partner, Strategic Resource Group told the AP, “Kmart needs to dramatically overhaul management in the areas of buying, store operations and sourcing.”

The retailer is reportedly seeking to recruit top talent and has set aside 10 percent of the company’s shares to compensate those joining the turnaround effort.

Moderator’s Comment: Does Kmart need to “dramatically
overhaul management in the areas of buying, store operations and sourcing” to
turn the company around?

Many have tried to “fix” Kmart, from Troy, Michigan down,
in the past. We can only hope that Edward Lampert and Julian Day understand
their priority should be helping the talent located at store-level better serve
their local shopper base. [George
Anderson – Moderator

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