Why is kmart going out of business

It's also vulnerable to crime, police say. Kmart is owned by Sears, which purchased the chain out of bankruptcy in There were 2, Kmart locations at the time of its bankruptcy filing , and 1, when it was purchased by Sears.

The combined company, Sears Holdings, itself filed for bankruptcy in , and although it survived that process, it has since been closing stores under both brands in what retail experts describe as a "slow-motion liquidation.

Cohen said that there is no sense in rebranding the handful of remaining Kmart stores with the Sears name, as it would cost money to put up new signage, and the Sears brand would do little to attract more customers. The last Michigan store is in Marshall, a suburb of Battle Creek, in the western part of the state. Read More. Kmart started in the late 19th century when founder Sebastian Spering Kresge opened a five-and-dime store in downtown Detroit bearing his name.

The Kmart brand didn't come about until In addition to store closings, Transformco has sold other existing assets, including the DieHard brand and the Sears logistics operation Innovel Solutions. It is reportedly still seeking buyers for the Kenmore brand name and possibly the automotive repair unit as well.

Again, Transformco has not responded to previous requests for comment about its status or future plans.

Could that finally be the case in ? This is a BETA experience. After recently losing its last Manhattan location , both Brooklyn and White Plains will shutter locations in the coming weeks , leaving the Empire state with only three stores standing. All Rights Reserved. Open side menu button.

Smarter Living. The once ubiquitous chain is shuttering nearly all of its stores. By Zachary Mack September 22, Kmart will be closing all but 16 of its locations in the coming months. Kmart's parent company says smaller format stores still exist across the U. Zach is a freelance writer specializing in beer, wine, food, spirits, and travel. He is based in Manhattan. In many cases, many shops that were once household names across the U. Now, one iconic retailer is planning on closing all but six of its remaining stores before the end of the year.

Read on to see which beloved big box is nearly bygone. Once an iconic superstore with locations worldwide, Kmart is continuing to wind down its operations by closing most of its remaining locations and leaving just six stores in the continental U. Notably, the year-old company, which was purchased out of bankruptcy by Sears in , will see its last location in its home state of Michigan shutter before the end of November.

The iconic retailer's shrinking footprint is a far cry from the presence it once held. When the company first filed for bankruptcy in , more than 2, Kmart stores were operating before shrinking to about 1, when Sears purchased it three years later. The newly merged company, known as Sears Holdings, would hit its next rough patch when it declared bankruptcy in and began closing down stores in what is known as a "slow-motion liquidation," CNN Business reports.

In a statement to USA Today in September, current parent company Transformco said that its "go-forward store strategy for Sears and Kmart is to operate a diversified portfolio consisting of a small number of larger, premier stores with a larger number of small-format stores.