This Day in History: The first Kmart store opened in Garden City, Michigan on this day in 1962. By 1981, there were 2,000 Kmart stores across the country. At the time Kmart bought various retailers, including Waldenbooks, Borders, and Sports Authority. In the mid-90's Kmart sold off Office Max, Sports Authority, and a number of other retailers it had acquired. What happened? Walmart happened. The company filed for Chapter 11 bankruptcy protection in early 2002. Later on Sears merged with Kmart to create Sears Holdings. At the time, it was the largest retail merger ever. On October 15, 2018, Sears filed for bankruptcy.
Walmart may be surviving, and it is, at least for now, holding its own against its greatest competitor...Amazon. 20 years ago, the top 10 companies were General Motors, Ford, Exxon Mobil, Walmart, GE, IBM, Chrysler, Altria Group, Mobil and AT&T. Today only Walmart, GM and AT&T are still on that list.
Amazon stock ($AMZN) is at around $2000, Walmart's stock ($WMT) is $107 to $118, and Kmart-Sears (SHLDQ) is a pink sheet stock worth only 20 cents.
No comments:
Post a Comment