• For the Driver
  • Refrigerated Transporter
  • HD Pickup & Van
  • Social Media
  • Subscribe
  • In Print
    1. News

    USFreightways won't be affected by Kmart

    Jan. 18, 2002
    USFreightways Corp. said today it does not expect to be substantially affected by the business woes of one of its customers, discount retailer Kmart Corp. The company said its revenue from Kmart, both direct and indirect, amounts to less than 1% of its revenue. Both Kmart and related customers are "largely current" on their receivables, so USFreightways said it believes it has no substantial exposure.
    USFreightways Corp. said today it does not expect to be substantially affected by the business woes of one of its customers, discount retailer Kmart Corp. The company said its revenue from Kmart, both direct and indirect, amounts to less than 1% of its revenue.

    Both Kmart and related customers are "largely current" on their receivables, so USFreightways said it believes it has no substantial exposure.

    Kmart shook up its top management Thursday, saying it continues to review its liquidity and have discussions with lenders amid speculation of a possible Chapter 11 bankruptcy filing and the shuttering of hundreds of stores.

    Kmart, the second-largest discount chain after Wal-Mart Stores, has seen its stock lose about two-thirds of its value since January 2. It closed yesterday at $1.54 a share.

    The retailer yesterday fired president Mark Schwartz and elected James Adamson non-executive chairman to serve as the principal liaison between the board and senior management. Adamson has a history of turning around ailing retailers, most recently the Denny's restaurant chain.

    About the Author

    Tim Parry

    Continue Reading

    Sponsored Recommendations

    Reducing CSA Violations & Increasing Safety With Advanced Trailer Telematics

    Keep the roads safer with advanced trailer telematics. In this whitepaper, see how you can gain insights that lead to increased safety and reduced roadside incidents—keeping drivers...

    80% Fewer Towable Accidents - 10 Key Strategies

    After installing grille guards on all of their Class 8 trucks, a major Midwest fleet reported they had reduced their number of towable accidents by 80% post installation – including...

    Proactive Fleet Safety: A Guide to Improved Efficiency and Profitability

    Each year, carriers lose around 32.6 billion vehicle hours as a result of weather-related congestion. Discover how to shift from reactive to proactive, improve efficiency, and...

    Tackling the Tech Shortage: Lessons in Recruiting Talent and Reducing Turnover

    Discover innovative strategies for recruiting and retaining tech talent in the trucking industry at our April 16th webinar, where experts will share insights on competitive pay...

    Voice your opinion!

    To join the conversation, and become an exclusive member of FleetOwner, create an account today!