(ReclaimingAmerica.net) – As undeniable evidence of the Bidenomics plan leading the country to bankruptcy, one of America’s most iconic retail stores is shutting down its last full-size U.S. location this fall.
An employee confirmed that Kmart, the Bridgehampton, New York store located on Long Island, will close for good on October 20.
According to a source, Kimco Realty Corp, which owns the shopping center where Kmart is located, also confirmed the closure. Yet, Kimco did not give any specifics about why the store is closing.
While a smaller Kmart in Miami will stay open, it is much smaller than the big stores the chain was known for.
The Miami Herald said that this location store is more like a CVS.
Furthermore, Kmart still has stores outside the 50 states, and it was confirmed that some locations in the U.S. Virgin Islands and Guam will remain open.
Kmart’s story began in 1899 when Sebastian Spering Kresge opened a small five-and-dime in Detroit, as noted by Transformco, the company that now owns Kmart.
By 1912, Kresge had expanded to 85 stores across the country under the S.S. Kresge Company name.
Moreover, the first official Kmart opened in Garden City, Michigan, in 1962. That same year, 17 more locations popped up around the U.S.
By 1966, there were 162 Kmarts nationwide, marking the start of its rise as a major discount retailer. In 1977, the company officially changed its name to K Mart Corporation.
At its peak in the 1990s, Kmart operated 2,300 stores and employed 350,000 people.
However, the company filed for Chapter 11 bankruptcy in 2002 and later merged with Sears Holdings in 2005. Sears Holdings filed for bankruptcy in 2018.
Now, Kmart and Sears are owned by Transformco, which took over Sears Holdings’ assets in 2019.
Copyright 2024, ReclaimingAmerica.net
