In a sad exit, Kmart closes its last full-size store in the continental U.S! Fer House
Kmart, the former discount giant that once operated more than 2,000 stores in the U.S., is closing its one remaining full-size store in the continental United States. The Kmart store, located in Bridgehampton, N.Y., will reportedly close its doors on October 20th.
A convenience store-sized Kmart store in Miami will remain open. The report says Kmart has several more stores outside the 50 U.S. states that will remain open in the U.S. Virgin Islands and Guam.
Kmart's decline has been slow but steady; in 2005, it merged with Sears to create Sears Holdings, Inc. with about 3,500 stores. By then, however, both brands had gone downhill and were gradually closing stores, unable to keep up with changing shopper behavior and fast-growing competitors like Walmart and Target. The growing dominance of Amazon and other online competitors was also accelerating their vicious cycle.
In 2018, Sears Holdings filed for bankruptcy. in early 2019, the company's CEO at the time, Eddie Lampert, used his hedge fund ESL to secure a roughly $5 billion deal to acquire the retailer's assets out of court. The deal left about 400 Sears and Kmart stores running under a new privately held company, Transformco.
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