Kentucky Businessman Buys Out Closing Kmart — and Donates Everything to Charity

A Kentucky businessman earned the term "Summer Santa" when he bought out all the merchandise in a closing Kmart store -- and donated it all to charity.

Rankin Paynter, who runs a jewelery exchange in Winchester, told WLEX-TV he was at the superstore two days before it was set to shut its doors. Wondering what was going to happen with everything left on the shelves, he got an idea: Buy it all and give it to those in need.

Four cash registers and six-and-a-half hours later, Paynter walked away with a $200,000 haul -- even renting a building to store everything.

"What I see is people coming in my store, needy people sell their stuff," Paynter said. "It's bad nowadays. I just told (the clerk) let's just give it away to charity."

Judy Crowe of Clark County Community Services said it will be the first year they've had enough hats, coats and gloves for all the children they serve.

"It's time to give back," Paynter said simply.