Sep 24, 2024 - Business

Last full-size Kmart store to close, marking end of era

Exterior of Kmart store in Bridgehampton, New York — The Kmart store in Bridgehampton, New York, outlasted thousands of other Kmart stores. Photo: Bing Guan/Bloomberg via Getty Images

The last full-size Kmart store in the continental U.S. is set to close in October, marking the end of the line for the retailer once known for its "Blue Light Specials."

Why it matters: After the Bridgehampton, New York store closes, there will be a small Kmart in Miami and a handful of stores in Guam and the U.S. Virgin Islands.

The former retail giant had more than 2,000 U.S. stores at its peak.

Last Kmart store to close in October

Driving the news: The New York location is expected to shutter Oct. 20, the Associated Press reports.

Kmart's parent company, Transformco, didn't immediately respond to Axios' request for comment.
The liquidation sale is posted on SB360 Capital Partners website.

Flashback: Kmart — and Sears — were owned by Sears Holdings, which filed for Chapter 11 bankruptcy protection in 2018 with plans to shed debt and continue operating.

The iconic retailers escaped total liquidation when CEO and hedge fund investor Eddie Lampert's Transformco acquired them out of bankruptcy in 2019.
The turnaround plan never gained traction and the retailers' steady decline continued.

The bottom line: Big-box stores, digital competitors and dollar stores have seized the discount turf once held by Kmart.

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Last full-size Kmart store to close, marking end of era

Last Kmart store to close in October

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