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The Associated Press reports that while Kmart Corp. ‘s sales for the five weeks ending October 2 were down 6.9 percent from the same period a year ago, management plans to file a reorganization plan to the bankruptcy court by February 24, and to emerge from bankruptcy by next June.

``This timeline is aggressive and will require a lot of hard work in a relatively short period of time, but should be doable,'' CEO James Adamson said in a statement. ``I am as confident as ever that Kmart can emerge from Chapter 11 as a strong and viable competitor with a clearly defined niche in the discount retail sector.''

Kmart had sales of $1.97 billion for the four-week period
KC's View:
We think this is what our ancestors would have called chutzpah…predicting an emergence from bankruptcy even as sales continue to be lousy, and even as expectations are low for the coming holiday season.

Maybe it is the company’s abiding faith that Martha Stewart will come through for it…