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Kmart (sometimes styled as “K-Mart”) is a chain of discount department stores in the United States, Puerto Rico, the U.S. Virgin Islands, and Guam which houses the largest Kmart in the world. The chain acquired Sears in 2005, forming a new corporation under the name Sears Holdings Corporation. Kmart also exists in Australia and New Zealand (see Kmart Australia), although it now has no relation to the American stores except in name, after U.S. equity in the Australian business was purchased in the late 1970s. Kmart is the third largest discount store chain in the world, behind Wal-Mart and Target; all three chains were founded in 1962. As of January 30, 2010, Kmart operated a total of 1,327 (13 closing by late May) Kmart stores across 49 states, Guam, Puerto Rico, and the U.S. Virgin Islands. This store count included 1,361 discount stores, averaging 92,000Â sqÂ ft (8,500Â m2), and 35 Super Centers, averaging 165,000 sqÂ ft (15,300 m2).
In January 2011, Sears Holdings Corporation announced they would close 6 under performing Kmart stores by the end of April. The stores selected to close were located in Utah, Illinois, Wisconsin, Ohio, and New Jersey. In late 2010 it was reported by different news outlets that Kmart had a lessened loss in revenue compared to Sears, the company’s other brand. Kmart’s world headquarters was located in Troy, Michigan, in a sprawling complex which, since Kmart’s relocation to Illinois, has been slated for demolition. However, at this current time, no actual demolition efforts are underway, and the proposed mixed-use complex earmarked for the site, the Pavilions of Troy, has not begun construction due to issues with funding.