The closure of the Kmart store in Bridgehampton, NY, on Oct. 20, 2024, will leave just one small store in Miami, crammed into what was once the garden center of a much larger Kmart, and a handful on Guam and the U.S. Virgin Islands.

"The first Kmart opened in 1962 in Garden City, Michigan"...

"In 2005, Kmart merged with Sears, also in rapid decline. The move nearly wiped out both brands. Sears Holdings, their parent company, filed for bankruptcy in 2018, and Kmart continued shuttering its stores."

While Kmart was going through bankruptcy, a significant amount of Kmart's outstanding debt was purchased by ESL Investments, a hedge fund controlled by Edward Lampert. Lampert worked to accelerate the bankruptcy process.

The hedge fund managers led both Kmart and Sears to their demise.