Kmart files for bankruptcy protection

Kmart is filing for Chapter 11 bankruptcy protection in the US.

The filing comes as the company struggles to make payments to its vendors and creditors.

Kmart has also secured £1.4bn (€2.26bn) in debtor financing, and expects to emerge from Chapter 11 protection next year.

A Chapter 11 filing protects a company from its creditors while it reorganises and works out a plan to pay its debts.