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Developers, Owners Monitor Local Kmart Leases

ATLANTA-The ripples of the retailers bankruptcy filing Jan. 22 could spread in metro Atlanta real estate circles. JDN Realty Corp. and IRT Property Co. are among firms that are leasing large chunks of space to Kmart.

By Mark Clothier | Updated on January 23, 2002

ATLANTA-It is unclear what impact the news of Kmart’s Chapter 11 bankruptcy filing Jan. 22 will have on the 35 stores and two distribution centers the Troy, MI-based retailer runs in metropolitan Atlanta.

Kmart operates more than 2,000 stores nationwide and employs more than 255,000 people. Kmart employs 8,800 people at two distribution centers and 70 stores in the state, including 39 stores in metro Atlanta. Industry analysts expect Kmart to close between 200 and 300 stores to cut costs.

Atlanta-based IRT Property Co. has eight stores leased to Kmart, according to the company. All of the stores are open and operating as BigK. Kmart is current on all rental payments.

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