Kmart eliminates nearly 700 jobs

ROYAL OAK, Mich. -- Kmart Corp. said Monday it will eliminate nearly 700 more jobs in another round of cost-cutting as the troubled retailer tries to climb its way out of bankruptcy.

The cuts include 400 employees at Kmart's Troy, Mich., headquarters and 50 jobs that provide corporate support, Kmart chairman and CEO James Adamson said. Kmart will also eliminate 100 open positions and phase out 130 contract positions, he said.

Kmart already has closed 283 stores, resulting in 22,000 job losses, since it filed for Chapter 11 bankruptcy protection on Jan. 22.

Adamson said Monday that no other stores will close this year.