“Discount Retailer Closes Last US Big Box Store—Shop Now for 40% Off!”
According to The Sun, A once-prominent discount retailer, Kmart, has confirmed the closure of its last big box location in the United States, with liquidation sales set to begin this week.
The End of an Icon
Kmart was an iconic name in American retail for decades, peaking at around 2,300 locations nationwide in 2005. However, shoppers at the last remaining full-sized Kmart in Bridgehampton, New York, only have a few weeks left to visit. According to an employee, the store is set to close its doors for good on October 20.
Liquidation Sales Underway
As part of the closure, liquidation sales will offer discounts of up to 40% for customers looking to snag final deals. The Bridgehampton store is located within a shopping center owned by Kimco Realty Corp, which also announced the Kmart location’s impending closure.
A Steep Decline
Kmart’s decline has been stark over the years. The store count in the United States has dwindled to single digits, with only three stores operational in 2022. This is a significant drop from the 1990s when Kmart employed around 350,000 people across its locations.
Bankruptcy and Merger
The company faced financial turmoil in 2002, filing for bankruptcy due to significant debt, mismanagement, and increasing competition from retail giants like Walmart and Target. In 2005, Kmart merged with Sears Holdings, but after Sears filed for bankruptcy in 2018, Kmart’s remaining stores began to shut down.
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A Small Remnant
While Kmart will no longer have any big box stores in the United States after October 20, one smaller location in Miami will remain open. This store resembles a convenience store, selling only essential items and offering a much-reduced shopping experience compared to its larger counterparts.
International Presence
Despite the closures in the U.S., Kmart does still operate internationally, with locations in Guam and the U.S. Virgin Islands.
Retail Bloodbath
Kmart is not alone in facing mass closures; several other retailers in the United States have experienced similar fates this year. Big Lots recently confirmed its Chapter 11 filing, which will lead to around 545 store shutdowns. LL Flooring plans to close half of its over 400 locations after a quiet bankruptcy filing.
Additionally, clothing retailers have taken similar actions. Express filed for bankruptcy in April, announcing nearly 100 store closures, while Rue21 submitted another bankruptcy filing, confirming the shutdown of all its remaining locations.
