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Troy, Michigan-based Kmart said its 2,114 stores remain open for now, but it will review their future by the end of April. Wall Street analysts have said Kmart needs to close around 300 to 400 stores.
The 105-year-old retailer, which filed for voluntary bankruptcy in Chicago, said it hopes to emerge from reorganization in 2003. But some Wall Street analysts cast doubt on the retailer's future.
``It remains questionable, even after reorganization, whether Kmart can compete effectively against Wal-Mart and Target,'' George Strachan, retail analyst at Goldman Sachs, said in a research note.
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