Beleaguered US discount retailer Kmart has appointed Julian Day as the company’s new chief executive, replacing James Adamson.

The company is hoping to emerge from bankruptcy at the end of April, having last week announced the sale of more than 300 stores.

Adamson was appointed CEO last March in the hope that he would be able to turn the company around. He will remain with Kmart as a non-executive chairman through the final stages of Kmart’s reorganisation, reported BBC Online.