The Kmart store in Avenel, New Jersey, will close permanently this week. There will only be three Kmarts left in the United States when it does.
AVENEL, New Jersey -- The Kmart store in Avenel, New Jersey, will close permanently this week, leaving only three Kmarts left in the United States when it does.In social media groups with thousands of members, people follow the slow demise of this once powerful retail institution and reminisce about family trips to Kmart and relatives who worked there.
Kmart's decline has been slow but steady, brought about by years of falling sales, changes in shopping habits, and Walmart's looming shadow.The retail chain filed for Chapter 11 bankruptcy protection in early 2002, becoming the largest U.S. retailer to take that step. Mark Cohen, Director of Retail Studies at Columbia University Business School, says the retail chain has been mismanaged for decades. He predicts the remaining three stores will close within months.
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