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The successful management strategies it had developed early on were now outdated and in major need of being renovated to coincide with changing market place and customer values. As Kmart attempted to revolutionize its image and infrastructure, stores such as Target and Wal-Mart took over as the leaders in the discount retailer arena. As Kmart's image began to sink along with its customer satisfaction, sales began to drop, ultimately resulting in Kmart declaring bankruptcy. After declaring bankruptcy on January 22, 2002, a new management team is ready to make a comeback with a well-defined position and once again become a strong, dynamic and profitable company...
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