Discount retailer closing last location in the US after 135 years - but not before customers rush to snatch up heavily discounted inventory

A erstwhile elephantine discount retailer is acceptable to adjacent its past full-size store, but not earlier slashing prices connected its remaining stock. 

Kmart has operated for 135 years, selling products ranging from from apparel and appliances to hardware and electronics.  It had 2,323 stores astatine its highest successful 1994.

The chain's past large container determination successful Bridgehampton connected New York's Long Island volition adjacent its doors connected October 20. 

Until past shoppers tin bask up to 40 percent disconnected successful the liquidation sale.

The lone different Kmart near successful the US is 1 successful Miami, but that is tiny and operates much arsenic a convenience store lone selling indispensable items. 

Kmart's diminution has been dilatory but steady, brought astir by years of falling sales, changes successful buying habits and the looming shadiness of Walmart.

It filed for bankruptcy doubly since the crook of the century, arsenic its planetary nett margins fell from $49 cardinal successful 2005 to conscionable $3.26 cardinal successful 2020. 

The Bridgehampton store, which has been successful concern for 25 years, is located successful the Kimco Realty buying center. 

Kmart has gradually been closing its stores since it merged with Sears successful 2005 under the absorption of hedge-fund CEO Eddie Lampert. 

Sears Holdings filed for Chapter 11 bankruptcy successful 2018, and past sold 202 stores to Transform Holdco, with the remainder liquidated.

More shuttered rapidly aft that.

When, successful April 2022, Kmart unopen its New Jersey store successful Avenel -  a middle-class suburb 15 miles southbound of New York City - it was down to conscionable 3 locations.  

As good arsenic the Bridgehampton store shutting this week and the tiny Miami shop, determination was different successful Westwood successful New Jersey that closed for bully connected February 2 this year. 

Kmart was founded by Sebastian Spering Kresge arsenic the SS Krege Company successful 1899 successful the Detroit suburb of Garden City, arsenic a dime store wherever shoppers could find regular needs specified arsenic housewares, apparel and toys.

Kresge retired arsenic president successful 1925, and the institution was handed implicit to Henry Cunningham.

It was successful 1962 that the institution was transformed into Kmart, seeking to predominate the discount retail assemblage with debased prices connected nationalist brands - a feat it succeeded at.

In its heyday, Kmart sold merchandise lines endorsed by celebrities Martha Stewart and Jaclyn Smith, sponsored NASCAR car races and was mentioned successful movies including Rain Man and Beetlejuice.

Department stores person struggled to accommodate to the changing user landscape.

Problems specified arsenic monolithic indebtedness and inefficient operations were compounded by the  pandemic, speeding up the diminution of respective retailers that struggled to support their customers and their changing preferences, CB Insights reported.  

With radical electing to store online due to the fact that of the convenience of having a merchandise delivered to their doorstep, it became harder for companies to vie for customers. 

Stores similar Sears, Kmart, Borders Books and Music, Toys R Us, Sports Authority, Lord & Taylor and Bed Bath & Beyond each struggled to adjust.

Kmart's store successful Hyannis, Massachusetts closed successful 2021. It continues to run extracurricular the United States successful the US Virgin Island and Guam.

The announcement comes weeks aft discount location goods retailer Big Lots filed for bankruptcy, raising questions implicit the aboriginal of its 1,400 stores.

A full of 21 large US retailers and edifice chains filed for bankruptcy successful the archetypal fractional of this twelvemonth - the astir since the pandemic wrecked havoc connected businesses successful 2020, S&P said successful a July report.