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Aug 31, 1996

Kmart's Rocky Road

Its own turnaround might have been enough to keep Kmart executives occupied, but they've had to deal with union preoccupations as well

Like a ship tossed on a stormy sea, battered by shareholders and under fire from borrowers, Kmart Corp passed a tempestuous winter. With new management and around $4 bn in non-core assets shed during the last year, the troubled retailer was downgraded to junk bond status and had to negotiate hard with creditors to stay afloat amid bankruptcy rumours. The company came through with flying colours, seeing in the summer with a capital raising of $4.7 bn, including $1 bn in convertible preferred

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