On the algorithm of best approximation by low rank matrices in the Chebyshev norm

The low-rank matrix approximation problem is ubiquitous in computational mathematics. Traditionally, this problem is solved in spectral or Frobenius norms, where the accuracy of the approximation is related to the rate of decrease of the singular values of the matrix. However, recent results indicate that this requirement is not necessary for other norms. In this paper, we propose a method for solving the low-rank approximation problem in the Chebyshev norm, which is capable of efficiently constructing accurate approximations for matrices, whose singular values do not decrease or decrease slowly.