why is there no Kmart in Houston, Tx?
I know they have been gone for years but why? and why do they continue enticing us on tv with the commercials. I think its absolutely crazy!
- RickLv 61 decade agoFavorite Answer
On January 22, 2002, Kmart filed for Chapter 11 bankruptcy protection under the leadership of its then-chairman Chuck Conaway and president Mark Schwartz. Conaway, who had had success building up the CVS Corporation, had accepted an offer to take the helm at Kmart along with a loan of some $5 million. In a scandal similar to that involving Enron, Conaway and Schwartz were accused of misleading shareholders and other company officials about the company's financial crisis while making millions and allegedly spending the company's money on airplanes, houses, boats and other luxuries. At a conference for Kmart employees January 22, Conaway accepted "full blame" for the financial disaster. As Kmart emerged from bankruptcy, Conaway was forced to step down and was asked to pay back all the loans he had taken.
While the company was in bankruptcy, Edward Lampert bought Kmart bonds for his hedge fund, ESL Investments. On May 6, 2003, Kmart officially emerged from bankruptcy protection as the Kmart Holdings Corporation and on June 10, 2003, it began trading on the NASDAQ as "KMRT". Lampert took control of the company and began to run it for profit instead of sales.
After dismissing Conaway and Schwartz, Kmart closed more than 300 stores in the United States and laid off around 34,000 workers as part of restructuring the company.
On November 17, 2004, Kmart announced its intention to purchase Sears, Roebuck and Company. As a part of the merger, the Kmart Holdings Corporation would change its name to Sears Holdings Corporation. Kmart started remodeling stores to the "Orange" prototype in 2006. The typical white and blue interior of the stores was changed to orange and brown, and shelf heights were lowered to create better sightlines. The remodeled stores contain an appliance department with Kenmore Appliances and most have hardware departments that sell Craftsman tools, which prior to the merger had been exclusive to Sears stores.Some auto centers left vacant by Penske after Kmart filed for bankruptcy have been converted to Sears Auto Centers
- ShaunaLv 44 years ago
There are not any Kmarts in Houston or ever within 60 miles of us ... They all closed in 2001/2002. I have not even been able to find one anywhere in east Texas
- 6 years ago
There are No Kmart near Dallas either! They say Kmart and Sears are the same company now..but they are not the same store! Miss the Kmart stores.
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- Anonymous1 decade ago
Walmart is putting them out of business. It happened to one of the two KMarts in my town.
- Anonymous6 years ago
Yeah. I don't understand why they keep running commercials.
- twistedtartLv 61 decade ago
Go to their website and click on store locator. It will pull up the stores in your state once you put your zip code in.
Ours closed years ago thanks to the sh*t hole Walmart.
- Anonymous4 years ago
great insightful replies, thank you