Kmart Files for Bankruptcy

Further, though Martha Stewart has said she has no plans to abandon her marketing agreement with the company, this latest chapter in Kmart's history has some industry watchers expecting the domestic doyenne to peddle her wares elsewhere.

While company now has the opportunity to sort itself out, analysts say the company's path will not be easy. Nemiroff says the retailer's next course of action should be focusing on recovery.

"Trim the fat. Try to get back on track. Try to steal some ideas from Wal-Mart or from their competitors to see how they can service the consumers better," said Nemiroff. "How they can get people back into the stores. That's their biggest problem."

ABCNEWS' Richard Davies, Paul James, Ramona Schindelheim and Catherine Valenti contributed to this article

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