“Final Days for Kmart: Last Big-Box Store Closing Soon—What Shoppers Need to Know”
According to The Sun, The last remaining big-box Kmart is set to shut down, marking the end of an era for the iconic retail chain. Located in Bridgehampton, New York, on Long Island, shoppers have until October 20 to take advantage of the store’s offerings.
Liquidation Sales Underway
Liquidation sales have already commenced, with discounts reaching as high as 40% for customers. However, the specific reasons for the store’s closure have not yet been disclosed.
Decline of Kmart Stores
Kmart’s presence in the United States has dwindled to just a handful of locations in recent years. In 2022, only three stores were still operational, and following the upcoming closure, there will be no big-box Kmarts remaining in the country. The only surviving location will be a much smaller store in Miami, which operates similarly to a convenience store and focuses on selling essentials.
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A Glimpse into Kmart’s History
Kmart peaked in the 1990s, with over 2,300 locations and a workforce of around 350,000 employees. The retailer once allocated more than $3.5 billion to its supercenters. Despite its past success, Kmart Corporation faced significant challenges, leading to bankruptcy due to mismanagement and mounting debt. In 2005, Kmart merged with Sears Holdings, which eventually also succumbed to bankruptcy in 2018, resulting in the closure of remaining Kmart stores.
Retail Landscape Shift
The retail landscape is currently experiencing a significant transformation, with several major retailers facing closures. Big Lots recently announced its Chapter 11 filing and plans to shut down approximately 545 stores. Similarly, LL Flooring is closing half of its locations after a bankruptcy filing. The clothing retail sector is not immune either; Express filed for bankruptcy in April, with nearly 100 store closures, while Rue21 has also announced it will shutter all remaining locations following another bankruptcy filing.
