Kmart to Close Last Full-Size Store in Mainland U.S. as End of an Era Nears

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ICARO Media Group
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24/09/2024 20h27

Kmart, a once popular discount retail chain in America, is bidding farewell to its last full-size store in the mainland United States. The store, located in Bridgehampton, New York, on Long Island, is set to shut its doors on October 20, as confirmed by an employee at the store on Monday. The store's manager was unavailable for comment, and attempts to reach out to Transformco, the company that acquired Sears and Kmart after Sears Holdings' bankruptcy in 2019, were unsuccessful.

While a smaller convenience store version of Kmart still operates in Miami, it does not offer the extensive range of products that the chain was historically known for. The Long Island closure represents another chapter in the aftermath of the 2005 merger of Sears and Kmart, orchestrated by hedge fund operator Eddie Lampert. The merger, valued at $11 billion, focused more on selling real estate and assets rather than investing in the businesses, leading to a bankruptcy filing in 2018.

Following the bankruptcy, Kmart was left with 191 stores and Sears with 231 locations, yet both chains continued to struggle and face closures. Today, only a handful of Sears stores remain in operation, marking the end of an era for the iconic retail brands. Kmart's origins trace back to the late 19th century, with founder Sebastian Spering Kresge opening the first store in Detroit. The brand evolved into Kmart in 1962 and quickly gained popularity in the discount retail market that is now dominated by big box stores.

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