TROY, Mich. - James Adamson, the chairman of Kmart Corp., did not appear at a scheduled media event Thursday at company headquarters. <br>
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Kmart spokeswoman Lori McTavish said at 9:45 a.m. EST that Adamson would not be able to attend the breakfast meeting with assembled national and local media. It had been scheduled for 9 a.m. <br>
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McTavish said Adamson had to attend an important meeting and could not get away. She did not disclose the nature of the meeting and said, "Unfortunately, I wasn't made privy to further information." <br>
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"I don't think any conclusions can be drawn," she added. <br>
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Adamson took over as chairman days before the discount retailer filed for Chapter 11 bankruptcy protection Jan. 22. He has been on the Kmart board since 1996 and replaced Chuck Conaway, still Kmart CEO, as chairman. <br>
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Kmart's bankruptcy followed lower-than-expected holiday sales and fourth-quarter earnings, downgrades by credit-rating agencies and a stock dive. <br>
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The third-largest discount retailer has long struggled to compete with No. 1 Wal-Mart Stores Inc. on price and No. 2 Target Corp. on quality. <br>
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