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Newspaper
Roswell Daily Record
Location
Roswell, New Mexico, United States of America
Date
Jan 23, 2002
Page
1
Kmart Corp. filed for Chapter 11 bankruptcy amid weeks of speculation. The move follows cash flow and debt trouble after a weak Christmas season with 2,114 stores remaining open for now.
New Mexico joins other creditors as Kmart Corp. files for Chapter 11 protection delaying the state Supreme Court review of a $2.7 million tax ruling against Kmart Properties Inc. The Court of Appeals had held in 1996 that Kmart had an economic presence in the state for income and gross receipts taxes. The case centers on taxes due for 1991 to 1996 and ongoing interest.
Senate Republicans will unveil an economic stimulus plan to lure business with tax credits and incentives. State Sen. Stuart Ingle urges reducing personal income taxes, arguing top earners and business owners drive growth while noting New Mexico's poverty and unemployment.
Mayor Bill Owen, seeking a second term, says economic development is the top priority as 17 candidates run for municipal judge, council seats, and mayor. He notes volunteers and fundraising drive the campaign while acknowledging elections are not yet on many voters' radar.
Hobbs businessman and former Air Force pilot Steve Pearce announced his bid for the Republican nomination for New Mexico’s Second Congressional District. He cited national security, economic development, and education reform as priorities and noted plans to gather around two thousand petition signatures. Pearce emphasized readiness to respond to terrorist threats and drew on his Strategic Air Command background.
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