Roger Penske paid $112M in 1995 for controlling interest in 860 auto-service stores

Kmart filed for Chapter 11 reorganization in Jan

“This company [Kmart] has always lost money.” — David Lynch, Attorney for Penske Auto Centers LLC

“We are diametrically opposed to the way they want to handle this [& their auto center closings].” — Christina Tchen, Kmart Attorney

Penske officials say Kmart failed to pay $5M debt following closing of 283 Kmart locations

Inventory being reclaimed by suppliers at some stores

Penske Auto Centers to close shops at 563 Kmarts in 44 states

4,000 employees to be laid off

Kmart owns 36% of centers; Penske Corp owns 64%

Kmart bankruptcy judge orders both sides to negotiate liquidation plan