Fleming Companies' bank debt slipped down to the 93-94 range last week as investors grappled with the company's downward-revised fourth quarter earnings estimates and the pressure from Kmart store closings. The paper had been quoted in the 97-98 1/2 range before the announcements. "The bonds got hammered 15 points," noted one trader. The company's 101/ 8% notes were quoted in the 74 1/3- 74 2/3 range when LMW went to press. Fleming revised its fourth quarter earnings to 10 to 12 cents per share, down from its October estimates between 35 and 45 cents per share. "Fleming receives 20% of its revenues from Kmart and Kmart is closing half of its superstores," added one trader. Calls to Fleming officials were not returned by press time.