Troy-based Kmart Corp., the second largest discount retailer in the United States, filed for Chapter 11 bankruptcy protection on this day in 2002. Kmart’s bankruptcy filing, with $17 billion in assets, was the biggest ever for a U.S. retailer. In its heyday in 1994, Kmart had operated 2,486 stores globally. It emerged from Chapter 11 in May 2003, but continued to struggle against competition and online retailers. It eventually merged with Sears, moving its headquarters from Michigan to Illinois. By 2020 there were less than 70 Kmart stores remaining.