Kmart, the third largest retail
company filed for bankruptcy when it was simply unable to get rid of its debts and its ailing
outlets nationwide couldn't find their way back to the right track. Many are of the view that it is the
management's fault because Conaway has absolutely no experience in apparel and also knows little about running a 2,100-stores chain. But the truth is that Kmart was suffering long before Conaway set foot in the
company and several top management shake-ups had not been able to change anything. Therefore, it all boils down to Kmart's strategy and this is the one area where it works extra hard.