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For many years, Troy-based Kmart, the second largest retailer in the nation, was the go-to store for everything from appliances and TVs to lawn furniture and fishing rods. It was known for its "Blue Light Special," an in-store gimmick that involved someone announcing on the p.a. system an immediate price reduction on an item. A mobile blue-flashing police light would alert customers to the location of the product.
The S.S. Kresge company opened its first Kmart in Garden City in 1962. Troy became the headquarters in 1962. On Jan. 22, 2002, Kmart filed for Chapter 11 Bankruptcy protection. The Garden City store on Ford and Middlebelt closed this year.
In 2005, Kmart bought Sears and created the Sears Holding Corporation. The headquarters moved to Hofmman Estates, Ill.
At its peak in 2000, it had 2,171. Now, it operates 624 stores. But places like Walmart, Target, Kohls and Costco have proved to be daunting competitors.
A report below by "Company Man," talks about why Kmart sucks and why it may not be around for a lot longer.
