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Kmart enjoyed its heyday in the 1990s, when there were more than 2,300 branches across the U.S. It filed for bankruptcy in 2002, unable to stave off competition from Walmart and Target, but has limped on ever since. Earlier this month, the last full-size Kmart in the contiguous U.S., located on Long Island, closed, leaving just five on American soil. For The Dial, reporter Jasmine Stole Weiss visited the Kmart in Guam, a little piece of America in the middle of the North Pacific Ocean.
Kmart (and Sears) went bankrupt because of their CEO.
en.m.wikipedia.org/wiki/Eddie_Lampert
“Lampert restructured Sears into approximately 30 separate business units, which were evaluated based on individual profits, rather than any estimation of their effect on Sears’ overall profit. These units were to buy and sell services among themselves through competitive bidding. Some sources say these policies were based upon the ideas of Ayn Rand. It is generally agreed that they failed to slow Sears’ decline.”
“Lampert was criticized by employees and corporate staff for ‘shredding’ his employees in corporate meetings and ‘being out of touch with reality’, as well as for failing to invest in the physical stores, as many of them were deteriorating. During his tenure as chief executive, Sears lost around half its value within five years, and closed more than half of its physical stores.”
@reddig33 An Ayn Rand fan, you say? 