When the Kmart in Avenel, New Jersey, closes its doors on April 16, it will leave only three remaining U.S. locations for the former retail powerhouse.
People walk into a Kmart in Avenel, N.J., Monday, April 4, 2022. When the New Jersey store closes its doors on April 16, it will leave only three remaining U.S. locations for the former retail powerhouse. It's a far cry from the chain's heyday in the 1980s and 90s when it had more than 2,000 stores and sold product lines endorsed by Martha Stewart and former Charlie's Angel Jaclyn Smith.
Once it shutters, the number of Kmarts in the U.S. – once well over 2,000 – will be down to three last holdouts, according to multiple reports, in a retail world now dominated by Walmart, Target and Amazon. The chain cemented a place in American culture with its Blue Light Specials, a flashing blue orb affixed to a pole that would beckon shoppers to a flash sale in progress. Part of its success was due to its early adoption of layaway programs, which allowed customers who lacked credit to reserve items and pay for them in installments.
Struggling to compete with Walmart’s low prices and Target’s trendier offerings, Kmart filed for Chapter 11 bankruptcy protection in early 2002 — becoming the largest U.S. retailer to take that step — and announced it would close more than 250 stores.A few years later, hedge fund executive Edward Lampert combined Sears and Kmart and pledged to return them to their former greatness, but the recession and the rising dominance of Amazon contributed in derailing those goals.
“It’s a study in greed, avarice and incompetence,” Cohen said. “Sears should have never gone away; Kmart was in worse shape, but not fatally so. And now they’re both gone.“Retailers fall by the wayside sometimes because they’re selling things people don’t want to buy,” he continued. “In the case of Kmart, everything they used to sell, people are buying but they’re buying it from Walmart and Target.
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