Kmart has restructured its field organisation for the second time in three months in a bid to accelerate its exit from bankruptcy proceedings. As part of the reorganisation, 12 senior executives have been made redundant. The latest move shrinks the company structure from five geographic divisions into two under the direction of Dave Marsico (eastern division) and Doug Meissner (western division), both reporting to Kmart chief operating officer Julian Day. Kmart's new chief executive James Adamson said the latest realignment would "bring senior management closer to the business, reduce overheads and cut costs". Kmart recently announced it would shut 284 stores as part of its restructuring plan ­ far less than the 500 plus expected by analysts. On an annualised basis, the turnover of the sites earmarked for closure represents less than 2.5% of Kmart's total sales forecast for 2002. The company said the closures would give the ailing general merchandise discounter a "healthier, more productive store base". Kmart's bankruptcy lawyers have set a target date of July 2003 for a "fast track" exit from Chapter 11 bankruptcy proceedings. {{NEWS }}