Kmart to close its last full-size US store, only 1 location remaining
Another once strong American retail chain is set to fall to one store in the U.S., not dissimilar to Blockbuster.
Straight Arrow News
The time to make final selections at the last full-sized Kmart in the continental United States is nearly up as the once retail giant turned out its signature blue light in New York.
The Bridgehampton store, about 95 miles east of Manhattan, closed its doors for the final time Sunday night, leaving only one smaller store with a limited selection in Miami left in operation. The company has other stores in Guam and the U.S. Virgin Islands.
Target is slated to replace Kmart at the Bridgehampton Commons location in the Hamptons, according to The Long Island Business Journal. The Journal reported that the big-box giant purchased the lease on the building from Transformco, the owner of Kmart and Sears, “a few years ago” in anticipation of the store’s closure.
Transformco did not respond to a request for comment from USA TODAY on Sunday.
Sears, Kmart struggle in new retail economy
At its peak, Kmart had well over 2,000 locations in the U.S. and was among the nation’s retail giants.
Kmart merged with Sears in 2005 in a deal engineered by hedge fund manager and CEO Eddie Lampert. The combined companies fell behind as e-commerce grew and consumer preferences changed.
The merged company filed for Chapter 11 bankruptcy protection in 2018 and narrowly escaped liquidation in early 2019. It was sold to Lampert, who has kept the brands alive on a shoestring budget.
Combined, Sears and Kmart have closed more than 3,500 stores and cut about 250,000 jobs in the past 15 years.
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Publish date : 2024-10-20 10:51:00
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