According to The Sun, The last remaining big-box Kmart is set to close its doors, marking the end of an iconic retail chain. Shoppers at the Bridgehampton location in New York’s Long Island have until October 20 to take advantage of liquidation sales, which offer discounts of up to 40 percent.
Liquidation Sales and Closure Details
Liquidation sales at the Kmart in Bridgehampton have already begun, providing customers with the opportunity to shop at discounted prices before the store shuts down. The specific reasons for the closure have not been disclosed.
Declining Store Count
Kmart’s store count in the United States has been dwindling for years. According to NBC affiliate WJAR, only three stores were operational in 2022, and after October 20, there will be no more big-box Kmarts left in the country. However, a smaller Kmart store in Miami will remain open, functioning more like a convenience store and offering only essential items, similar to a CVS or Walgreens.
The Rise and Fall of Kmart
Kmart was once a retail giant, peaking in the 1990s with over 2,300 locations and employing around 350,000 people. The company dedicated more than $3.5 billion to its retail supercenters. However, significant debt, mismanagement issues, and fierce competition from giants like Walmart and Target led Kmart Corporation to file for bankruptcy. In 2005, Kmart merged with Sears Holdings, but after Sears filed for bankruptcy in 2018, the remaining Kmart stores began to close.
Also read: Social Security Alert: Report These Messages Immediately If You Receive Them
A Broader Retail Crisis
Kmart’s closure is part of a broader trend of mass retail shutdowns across the United States this year. Other retailers have also struggled, with Big Lots recently confirming a Chapter 11 filing that will lead to around 545 store closures. Additionally, LL Flooring plans to close half of its over 400 locations after a quiet bankruptcy filing.
Clothing Retailers Facing Similar Fates
The clothing retail sector is not immune, with brands like Express filing for bankruptcy in April and announcing nearly 100 locations will shutter permanently. Rue21 has also filed for bankruptcy again, confirming it will close all of its remaining stores after previously doing so in the early 2000s.
As Kmart bids farewell, it highlights the ongoing challenges faced by brick-and-mortar retailers in an increasingly competitive and digital marketplace.
- FBI Threats Lead to 15-Month Sentence for California Man, Cites Unabomber - November 24, 2024
- Valentine ISD Employee Admits to $300K Theft, Faces Prison Time - November 24, 2024
- Charlotte Woman Sentenced to 135 Months for $1.3M Medicaid Fraud and $287K PPP Scam - November 24, 2024
