Business & Finance
Delta Air Lines announced it is "shrinking" its "flight network" by 12 percent while evaluating possible cuts in staff due to a drop in travel since the start of war in Iraq. The move follows flight and/or job reductions by rivals United, American, Northwest, and Continental.
Kmart Corp. reported a $3.22 billion loss for fiscal 2002, although the discount retailer's president, Julian Day, said he's "cautiously optimistic" that efforts to control costs and enhance growth are making progress. Kmart, which hopes to emerge from bankruptcy next month, closed 283 stores last year and plans to shut another 316 in 2003, affecting 56,000 workers in all.
Airborne Inc., the third-largest air freight service in the US, agreed to sell part of its operations to Germany's Deutsche Post AG, the parent of DHL Worldwide Express. The deal is valued at $1.05 billion. The buyer will assume control of Airborne's ground operations, a network of more than 15,000 delivery trucks across the US. Airborne will keep its flight unit, ABX Air. Airborne is based in Seattle, but its hub is a former military base in Wilmington, Ohio.