Additional Coverage:
- Attention shoppers: Last full-sized Kmart in continental US closes as retail giant fades (newsbreak.com)
Kmart’s Final Farewell
The once-mighty Kmart has bid goodbye to its last full-sized store in the continental US, marking the end of an era for the retail giant. The Bridgehampton store in New York shuttered its doors, leaving only a smaller outlet in Miami and a few stores in overseas territories.
Target’s Arrival
Target is poised to replace Kmart at the Bridgehampton location, purchasing the lease from Transformco, the company that owns Kmart and Sears. The move comes as part of Target’s ongoing expansion plans.
Sears and Kmart’s Decline
At its peak, Kmart boasted over 2,000 US stores. However, its merger with Sears in 2005 proved disastrous, as the combined company struggled to keep up with online shopping and changing consumer habits. Bankruptcy and mass store closures followed.
Lampert’s Role
Hedge fund manager Eddie Lampert has played a pivotal role in Sears and Kmart’s survival. After buying the companies out of bankruptcy, he has kept them afloat on a limited budget. Despite Lampert’s efforts, the combined entities have closed over 3,500 stores and lost countless jobs.