Kmart Closes Singapore Store, Last in Southeast Asia
Sep. 09, 1996
SINGAPORE (AP) _ Kmart Corp. has closed its last store in Singapore, pulling out of Southeast Asia to concentrate on North and South America.
The store, which closed Sunday, was the last of three unprofitable stores in Singapore that Kmart opened with a local partner, Metro Holdings, beginning two years ago.
The companies said in June that their venture had no profit potential.
The three Singapore stores, which employed 380 people, were among 50 Kmart stores worldwide slated to be closed this year. Another 214 were shut last year.
Two years ago, Kmart said it was interested in using Singapore as a launching pad for future expansion in the region.
A Kmart spokesman said the company might still ``explore other opportunities in Asia and in the Pacific Rim countries.''