(MONEY.CNN) — The magnitude of Kmart's downfall is stunning.
Once one of America's leading discount retailers, Kmart raked in $37 billion in sales in its 2000 fiscal year. Last year Kmart registered only $12.1 billion in sales.
That's a dramatic 67% sales plunge in a little more than a decade. Americans have likely noticed the decline in their towns. Kmart had 2,165 stores in 2000. Now it has only 979.
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Compare that with Target (TGT), one of the biggest beneficiaries of Kmart's crumble. During the same period, Target's sales nearly doubled to $72.6 billion. Even Kmart's sister brand Sears looks slightly better, with its revenue falling "only" 54% to $17 billion last fiscal year.
So what went so wrong at Kmart?
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