let’s dive into why Kmart stores are shutting down. First, a little background: Kmart is a big American company that’s been around for a long time. It started way back in 1899 as the S.S. Kresge Corporation but changed its name to Kmart Corp. in 1977. In 1962, Kmart opened its first store in Garden City, Michigan. At one point, in 1994, they had a whopping 2,486 stores all around the world. Most of them, about 2,323 stores, were in the United States.
But here’s the big twist: Kmart ran into some serious money problems. They went from having over 2,400 stores to just nine in 2022. Yes, you read that right! And it didn’t stop there. They kept closing stores until they only had three left in the whole continental United States.
So, what’s the deal with Kmart’s closure? Let’s break it down!
Why Did Kmart Close Its Stores?
Well, in the past few years, especially after COVID-19 became a big problem, lots of companies had to close their stores. You might have heard about Bed Bath & Beyond, and yes, Kmart too. It’s pretty tough to digest because many of us liked these stores. But there’s more to the story.
Sadly, Kmart decided to shut down all its stores worldwide and keep just three. The main reason behind this big move is money troubles caused by COVID-19. It’s been tough for businesses everywhere.
Kmart isn’t the only one facing these challenges. Disney closed about 60 of its stores by September 15, 2022. Bed Bath & Beyond shut about 400 stores, and Victoria’s Secret closed down some of its physical stores too.
But what sets Kmart apart is that it closed almost all of its physical stores, leaving just three in the United States. Now, let’s get into some more details!
What Happened to Kmart in the U.S.?
Kmart used to have thousands of stores in the United States, but they’ve closed most of them. Right now, they only have three stores left in the whole country. That’s a huge drop from what they had before.
So, if you’re curious about why Kmart made this decision, when it all started, and more about what’s going on with Kmart, keep reading! We’ll fill you in on the details.
Why Did Kmart Close Its Stores?
Hey, let’s find out why Kmart, which used to have thousands of stores, had to close down so many. It’s a bit of a sad story.
Tough Competition: Back in the 1990s, Kmart faced some really tough competition. There were other big stores like Walmart, Amazon, and Target, and they all wanted to sell stuff at low prices. It was like a big price war, and Kmart found it really hard to keep up. They couldn’t offer things as cheap as the others, and that hurt their business a lot.
Bankruptcy Trouble: Then, in January 2002, things got even tougher. Kmart had some serious money problems and had to file for something called Chapter 11 bankruptcy. This is like a legal way for companies to try to fix their money troubles. But it also meant they had to close some of their stores. Kmart said they would shut down more than 250 stores because of this financial crisis.
Closing Doors: The saddest part came on April 16, 2022, when Kmart had to say goodbye to a lot of its stores, including one in Avenel, New Jersey. This store had been a part of the community for a long time, and people were sad to see it go. One of the employees, Michelle Yavorsky, said she’d miss the place, and a lot of people shopped there.
Kmart in America: Kmart was more than just a store; it was a part of American life. Michael Lisicky, who knows a lot about stores, said that Kmart was like a social visit as well as a shopping trip. You could spend hours there, and it had something for everyone. But over the years, many Kmart stores had to close down, and it changed the way America shopped.
So, that’s why Kmart had to close so many of its stores. Tough competition, money problems, and changing times all played a part in this big change.
Are Kmart Stores Still Open?
You bet! There are still some Kmart stores open in the United States. Currently, there are three Kmart stores operating as of March 28, 2023. These stores are located in Bridgehampton, New York (on Long Island), Westwood, New Jersey, and Miami. So, if you enjoy shopping at Kmart, you can still visit these locations.
When Did Kmart Open?
Kmart is planning a comeback, and it’s expected to happen as early as 2024. The store had closed its Meridian Mall location in 2020 due to concerns about earthquake strengthening, but now it’s gearing up to make a return. This is good news for fans of Kmart!
Which Is The Biggest Kmart In The World?
The largest Kmart store in the world can be found in Guam. This massive store offers a wide variety of both food and non-food items. Guam’s Kmart has become quite a popular shopping destination, drawing people from other Micronesian countries.
Kmart did face some tough times and had to close many of its stores, but it’s not completely gone. There are still a few Kmart stores open in the U.S., and the company has plans to make a comeback in the near future. So, for those who love shopping at Kmart, there’s still hope!