Kmart Inquiry
A grand jury in Detroit is investigating the events that led retail giant Kmart to seek bankruptcy protection earlier this year, according to a report in the Detroit News. The story said federal investigators are currently examining the compensation and spending of two Kmart executives, former chief executive Chuck Conaway and former president Mark Schwartz. Both were fired earlier this year. The inquiry will look at whether the executives hid the company’s declining financial solvency from the board of directors, employees and shareholders.
