Dying retail icon will close its final full-size American store in coming weeks
Former retail giant Kmart is closing the doors of its last major U.S. store in the coming weeks.
The department store chain has been around for 125 years and sells products ranging from clothing and appliances to hardware and electronics.
The store’s parent company filed for Chapter 11 bankruptcy in October 2018, selling 202 stores to Transform Holdco and liquidating the rest, leaving just two stores in the United States.
The Kmart in Bridgehampton, New York will close for good on October 20 after 25 years in business, an employee said.
The Kmart in Bridgehampton, New York, will close permanently on October 20, an employee said
This department store chain has been around for 125 years and sells products ranging from clothing and appliances to hardware and electronics
A smaller Kmart store in Miami will remain open, but will operate more as a convenience store
With 89,935 square feet of space, Kmart is the largest big box discount store in the hamptons.
A smaller Kmart store in Miami will remain open, but will operate more as a convenience store.
Kmart has been gradually closing stores since its 2005 merger with Sears under hedge fund CEO Eddie Lampert. The retailer’s parent company, Sears Holdings, filed for Chapter 11 bankruptcy in 2018.
Department stores are struggling to adapt to the changing consumer landscape.
Problems such as huge debts and inefficient management were exacerbated by theThe COVID-19 pandemic, which is accelerating the decline of several retailers who have struggled to retain their customer base and meet their changing preferences, CB Insights reported.
As people choose to shop online because they can have their products delivered to their homes, it is becoming increasingly difficult for companies to compete for customers.
Problems such as huge debts and inefficient operations were exacerbated by the COVID-19 pandemic, accelerating the decline of several retailers as they struggled to retain their customer base and meet their changing preferences
The Kmart store in Hyannis, Massachusetts, closed in 2021. The company continues to operate outside the United States in the U.S. Virgin Islands and Guam.
Stores like Sears, Kmart, Borders Books and Music, Toys R Us, Sports Authority, Lord & Taylor and Bed Bath & Beyond all struggled to adapt.
The Kmart store in Hyannis, Massachusetts, closed in 2021. Outside the United States, the store continues to operate in the U.S. Virgin Islands and Guam.
The announcement comes weeks after budget store chain Big Lots filed for bankruptcy, raising questions about the future of its 1,400 stores.
A total of 21 major U.S. retailers and restaurant chains filed for bankruptcy in the first half of this year, the highest number since the pandemic devastated major companies in 2020, S&P said in a July report.