Kmart Goes Bankrupt

Kmart was one of the best discount retail stores at one point. But with increasing competition from other chains like Wal-Mart and Target, it would finally meet its demise. Kmart became the nation's largest retail company to file for bankruptcy, owing $78 million in merchandise receivables. The company would keep the doors open to its 2,100 stores but by 2022, only nine stores would remain.