“Everything Must Go” for Kmart in Westwood

file photo

the staff of the Ridgewood blog

Westwood NJ, Kmart is closing its last location in New Jersey . The chain’s Westwood location at 700 Broadway will close in the end of September or early October and already has signs noting that “everything must go” in the windows.

At one time Kmart operated 2,200 Kmart, Big Kmart, and Super Kmart stores in the United States, Puerto Rico, Guam, and the U.S. Virgin Islands.

Here’s an overview of Kmart’s  history:

Founding and Early Years:

• Kmart was founded by Sebastian S. Kresge in 1899. The first store, named S.S. Kresge Company, opened in Detroit, Michigan. It was a five-and-dime store that offered a variety of goods at low prices.

Expansion and Rebranding:

• Over the years, the S.S. Kresge Company expanded its operations and by the 1960s, it had hundreds of stores across the United States.
• In 1962, the company opened its first store under the name “Kmart” in Garden City, Michigan. This store featured a larger format and a broader selection of merchandise compared to the traditional dime stores.
• The success of the first Kmart store led the company to gradually rebrand its entire chain as “Kmart.”

1970s – 1980s:

• Throughout the 1970s and 1980s, Kmart continued to expand and became one of the largest discount retailers in the United States.
• It faced competition from other discount chains like Walmart and Target, leading to price wars and intense competition in the retail industry.

Decline and Financial Challenges:

• In the late 1980s and 1990s, Kmart began to face financial challenges and increased competition from other retailers. Mismanagement and failure to adapt to changing consumer preferences contributed to its decline.
• Kmart filed for Chapter 11 bankruptcy protection in 2002, which allowed it to restructure its operations and reduce its debt.

Merger with Sears:

• In 2004, Kmart announced its intention to acquire Sears, Roebuck and Co., another struggling retailer. The merger created Sears Holdings Corporation, with Kmart and Sears operating as separate brands under the same company.
• The merger was intended to bring together the strengths of both companies and create cost savings through shared resources.

Continued Challenges and Store Closures:

• Despite the merger, Sears Holdings Corporation continued to face challenges, including competition from online retailers and changing consumer shopping habits.
• Both Kmart and Sears stores faced a series of closures due to financial difficulties and declining sales.

Bankruptcy and Further Decline:

• In 2018, Sears Holdings Corporation filed for Chapter 11 bankruptcy, reflecting the ongoing struggles of both the Kmart and Sears brands.
• As a result of the bankruptcy, many Kmart and Sears stores were closed, and the company underwent further attempts to restructure its operations.

Status in Recent Years:

• The years following the bankruptcy saw additional store closures and a general decline of the Kmart brand.
• The COVID-19 pandemic further exacerbated the challenges faced by brick-and-mortar retailers, including Kmart.

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