Kmart Corp., Troy, Mich., has seen a nearly $380 million drop in the...

Kmart Corp., Troy, Mich., has seen a nearly $380 million drop in the value of company stock in its 401(k)/profit-sharing plan since August. The company filed for Chapter 11 bankruptcy protection this morning and hopes to emerge from bankruptcy in 2003. About 14% of the Kmart plan is made up of company stock, which was trading this afternoon at about 81 cents per share, down from just over $13.55 in August. The $1.1 billion Kmart plan holds about 6% of the nearly 499 million Kmart shares outstanding. The company froze its defined benefit plan in 1995.