Mar 18, 2002
Kmart chief executive Charles Conaway announced on March 8 that 22,000 employees would lose their jobs, as Kmart reorganized under bankruptcy protection. Kmart will close 284 stores across the country. The next day, the Kmart board of directors announced that Conaway would also lose his job.
But Mr. Conaway’s golden handshake as he leaves is worth 9.5 million dollars. As for the other 21,999 employees? They get nothing.
Capitalism at work!