Jan 20, 2003
Bankrupt Kmart just announced the closing of 326 more stores and the layoff of 37,000 more employees. This follows the closing of 283 stores and the layoff of more than 22,000 workers last year. In Michigan, where Kmart had more than 11,000 employees, one in every five will lose his or her job.
Stores closings not only affect the workers laid off but also the entire community. Customers will now have to travel further to shop.
Who will benefit when Kmart executives talk of "saving" their company? They aren't talking about the thousands they will lay off. They are trying to protect the big investment banks and suppliers who are owed money, the wealthy bond and shareholders who can afford to hold onto their almost worthless shares of Kmart stock – unlike most retirees.
In this capitalist world, the "life" of a company refers only to the wealthy "head." The blood and guts – the workers – count for nothing.