WestPoint: Kmart filing costs $11M
February 11, 2002,
West Point, GA — WestPoint Stevens, a major supplier of Martha Stewart products, said it took an $11 million hit when Kmart filed for Chapter 11 protection.
As substantial as it is, the damage could have been much worse — indeed many industry observers expected the total to run much higher — given Kmart's big contribution to WestPoint sales. Chip Fontenot, president and coo, said on a conference call with investors that Kmart accounted for roughly 15 percent of all WestPoint's sales in 2001.
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