END OF AN ERA Time is running out for shoppers as Kmart set to close down its last big box location in US for good
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 on Long Island have until October 20 to take advantage of the store’s liquidation sales, which currently feature discounts of up to 40% off.
Details Surrounding the Closure
While the specific reasons for the store’s closure have not been disclosed, Kmart’s presence in the United States has dwindled to single digits over the years, according to reports from NBC affiliate WJAR. In 2022, only three Kmart locations were still operational. Following the closure of the Bridgehampton store, the only remaining Kmart will be a much smaller store in Miami, which operates more like a convenience store, selling only essential items.
A Look Back at Kmart’s Glory Days
Kmart was once a retail giant, peaking in the 1990s with more than 2,300 locations and employing around 350,000 people. The chain had invested over $3.5 billion in retail super-centers during its heyday. However, Kmart Corporation filed for bankruptcy due to substantial debt, mismanagement, and an inability to compete with larger rivals like Walmart and Target, as reported by CNBC. In 2005, Kmart merged with Sears Holdings, but after Sears filed for bankruptcy in 2018, the remaining Kmart locations gradually closed.
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A Retail Landscape in Decline
Kmart’s closure is part of a larger trend of mass retail shutdowns across the United States. Several retailers have filed for bankruptcy this year, leading to significant store closures. Big Lots has confirmed its Chapter 11 filing and plans to shut down around 545 locations. LL Flooring will also close approximately half of its over 400 stores after its recent bankruptcy filing. Additionally, clothing retailers like Express and Rue21 have announced plans to close nearly 100 and all remaining stores, respectively, following bankruptcy filings.
