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.
A weathered Kmart sign is displayed above the store in Avenel, N.J. AVENEL, N.J. — The familiar sights and sounds are still there: the scuffed and faded floor tiles, the relentless beige-on-beige color scheme, the toddlers’ clothes and refrigerators and pretty much everything in between.
The demise of the the store in the middle-class suburb, 15 miles south of New York City, is the tale of the death of the discount department store writ small. 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. “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.
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