Kmart will shutter its last big-box store in the U.S. in October, marking the end of an era for the 62-year-old discount chain.
Kmart is closing its last big-box store in the contiguous U.S., employees with the company told CBS MoneyWatch, capping the retreat of what was once America's dominant discount retailer. Kmart will shutter its location at Bridgehampton Commons mall in Bridgehampton, New York, on October 20, two workers at the store said. The location is the retailer's only remaining full-size store in the U.S.
The department store chain will continue to operate a reduced-size location in Miami, Florida. The retailer also operates in Guam and the U.S. Virgin Islands. Kmart opened its first store in Garden City, Michigan, in 1962. And two decades ago, the company still operated 1,400 stores across the U.S., although its sales were sagging amid rising competition from industry players such as Costco and Walmart, along with the advent of e-commerce.
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