"Kmart is not capable of letting the projects proceed," he tells GlobeSt.com.
Stores the company was going to build are mostly in major metropolitan areas, including three in the Detroit area and one in Washington D.C., he says. Walker says the Washington store may move forward through an urban policy there.
The development company has completed many Kmart stores in the last 25 years, Walker says.
"We just had a Kmart store open at Eight Mile and Telegraph roads; it was finished at Christmas. The store is very successful," he says.
The retail chain filed for Chapter 11 bankruptcy in January.
Kmart Corp. of Troy retained DJM Asset Management LLC, and its marketing partner ChainLinks Retail Advisors Inc., to assist in the disposition of leases for the 283 Kmart locations in 40 states and Puerto Rico the company is in the process of closing.
The agreement is subject to the approval of the United States Bankruptcy Court for the Northern District of Illinois. A motion seeking such approval is scheduled to be heard by Chief Judge Susan Pierson Sonderby on April 23.
As previously announced, Kmart has received court approval to close 283 stores across the country, including 270 discount stores and 12 SuperCenter retail outlets in 40 states, and one store in Puerto Rico.
Store closing sales are underway and will continue, depending on the location, for approximately two to three months, company officials say.
Most recently, Kmart reached an agreement with Penske Auto Centers to close more than 200 of its automotive repair stores that are inside the retail stores.
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