This BusinessWeek article speaks about some tremendous mismanagement at Kmart over the last few years. It speaks about the "Frat Boys" and the lavish spending that took place, over ordering that left Kmart with $500MM in inventory it couldn't sell and affected Kmart's ability to borrow in the short term. The article speaks of lavish trips and excess perks for top executives all the while knowing that the retailer was on the break of bankruptcy. Very interesting reading.