Kmart to close last full-scale store in Bridgehampton, New York
Date
9/24/2024 5:05:42 AM
(MENAFN) Kmart, once a retail giant known for its Blue Light Specials, is set to close its last full-scale store on the mainland U.S. The location, situated in Bridgehampton, New York, will officially shut its doors on October 20. Following this closure, only a small Kmart store in Miami will remain, along with a few locations in Guam and the U.S. Virgin Islands.
The company, now owned by Transformco after acquiring the assets of Sears and Kmart during Sears Holdings' bankruptcy in 2019, has not yet commented on this latest development. At its peak, Kmart operated over 2,000 stores across the country.
Kmart's decline began in early 2002 when it filed for Chapter 11 bankruptcy protection, marking the largest retail bankruptcy in U.S. history at that time. The retailer struggled to compete with Walmart's pricing and Target's appealing product offerings, leading to the closure of more than 250 stores.
In a bid to revive the brand, hedge fund executive Edward Lampert merged Sears and Kmart, but the efforts were hampered by the 2008 recession and the growing influence of online shopping platforms like Amazon. Sears filed for Chapter 11 in 2018 and now has only a handful of stores left, a stark contrast to its previous vast network.
MENAFN24092024000045015839ID1108707793
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.