The last remaining big-box Kmart in the United States is preparing to close its doors, signaling the final chapter for the once-iconic retail chain. Shoppers in Bridgehampton, New York, on Long Island have until October 20 to visit the store before it permanently shuts down.
Liquidation sales have already begun, with discounts reaching up to 40% for customers looking to take advantage of the remaining inventory. However, no official reason has been given for the closure.
Kmart’s Decline in the U.S.
Kmart’s presence in the U.S. has been steadily shrinking for years. By 2022, the number of operational stores had dwindled to just three, according to reports from NBC affiliate WJAR. After the Bridgehampton location closes, the only remaining Kmart in the country will be a small-format store in Miami, Florida.
This Miami location, described by the Miami Herald as more akin to a CVS or Walgreens, sells only essentials and operates much like a convenience store, a far cry from the expansive big-box stores that once dotted the nation.
Kmart’s Golden Era and Subsequent Fall
Kmart reached its peak in the 1990s, when it operated over 2,300 stores and employed around 350,000 workers. The retail chain invested more than $3.5 billion into its supercenters during that time, becoming a household name in discount retail. However, despite its early success, Kmart filed for bankruptcy in 2002, citing high debt, mismanagement, and increased competition from major retailers like Walmart and Target, according to CNBC.
In 2005, Kmart merged with Sears Holdings in a bid to stay afloat. But after Sears Holdings filed for bankruptcy in 2018, Kmart’s remaining stores began to close one by one.
Retail Bloodbath: Other Major Retailers Facing Closures
Kmart isn’t the only retailer facing hard times. Several other chains have undergone mass closures due to bankruptcy filings in recent months:
- Big Lots recently filed for Chapter 11 bankruptcy and announced plans to shut down around 545 stores after weeks of speculation.
- LL Flooring is closing half of its over 400 locations after a quiet bankruptcy filing. Under new ownership, the company is planning to revert to its previous name.
- Express, a popular clothing retailer, filed for bankruptcy in April and confirmed it would close nearly 100 locations.
- Rue21, which previously filed for bankruptcy in the early 2000s, filed once again and will shutter all of its remaining stores.
The closure of Kmart and other major retail stores highlights the shifting landscape of the U.S. retail industry, as economic challenges and the rise of e-commerce continue to impact brick-and-mortar businesses.
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