Kmart Declared Chapter 11, 11 Years Ago Today
It was on this date, January 22nd back in 2002 that the largest retail bankruptcy was filed. Kmart filed for Chapter 11 protection. Not sure about you, but Kmart does sometimes get overlooked when I go shopping. That being said, I do like them.I like Kmart and for a few reasons. They’re close to me at home and at work. Their prices are competitive and the lines at the register are short. Kmart is always for me, an easy in-easy out, except maybe at Christmas.
Every year Kmart has their holiday bear which my wife collects so they need to remain in business.
Fast forward to 2004. Kmart, after restructuring some, was fiscally fit and Kmart bought Sears for 11 billion dollars.
As a final thought, keep Kmart in mind as an alternative to the bigger blue and red retailers. We need to keep all of them alive, so competition stays strong and the prices stay as low as possible.