By Adam Kramer
Queens residents are worried that the borough’s three Kmart stores could be in danger of closing after the giant discount retailer filed for bankruptcy protection last week.
Borough shoppers at Kmart stores at 61-11 188th St. in Fresh Meadows and at 258-01 Union Turnpike in Glen Oaks have voiced concern over the possible closure of the stores. The third store is at 66-26 Metropolitan Ave. in Maspeth.
“Kmart has everything that you want,” said Esranie Montano of Fresh Meadows, who was shopping in the Glen Oaks store earlier this week. “I don’t know what we will do. The stores have everything for kids, adults and even food stuff.”
Her husband, Jesse, said he hoped that during the restructuring of the company none of the borough’s stores would be closed down.
“We’ll miss it a lot,” he said.
Angela Fabri of Floral Park was concerned that the Glen Oaks store might close because there is nothing else comparable in the area. She said the site was occupied first by Mays Department Store and then Caldor, which went out of business, and now Kmart.
“I like the store because it is reasonably priced for the pocket,” she said. “There are a lot of middle-class people in the area and it is important to have a place like this.”
The Troy, Mich.-based retailer announced Jan. 22 it had filed for Chapter 11 bankruptcy protection from its creditors and secured a $2 billion financing package to reorganize. For the time being, the chain’s 2,114 stores throughout the United States will remain open for business and the company hopes to re-emerge from Chapter 11 by 2003.
Under a Chapter 11 filing, the clock stops on all the company’s past debt, giving the entity breathing room to restructure as long as it meets its current debts. The company must also work out a plan to repay creditors at least part of the debt owed.
“We are determined to complete our reorganization as quickly and smoothly as possible, while taking full advantage of this chance to make a fresh start and reposition Kmart for the future,” said Charles Conaway, Kmart’s chief executive officer, in a statement. “We deeply regret any adverse effect today’s action will have on our associates, vendors and business partners.”
The company said it decided to file for bankruptcy for a number of reasons, including lower-than-expected fourth-quarter results, fierce competition and the recession.
Kmart, which has incurred losses in its current fiscal year, said it does not have any information on individual store closings. The borough’s three stores will remain open pending any change in their status.
Flushing resident Sandra Kuchar, who shops at the Fresh Meadows store three times a week, was afraid that if the store went belly up, there would be no other affordable stores in the area. She said she mainly buys cat food and candy at Kmart, which is significantly cheaper than the supermarket.
“It is the only place I can drive to shop — it is really our only neighborhood store,” said Sylvia Berger of Fresh Meadows. If the store closes, she said “it is going to be a problem.
Her only complaint with the store was the long lines at the check-out counters, but that has been solved with the self check-out machines, she said.
“I shop here all the time,” said Nela Neckles of Flushing, who was buying baby clothes. “I get basically everything. They have everything.
“I don’t want it to close. It would be a big inconvenience,” she said “Main Street is a mess. I don’t know where I’d go.”
Reach reporter Adam Kramer by e-mail at Timesledgr@aol.com or call 229-0300, Ext. 157.
