Midnight discounts. Is it almost Christmas?

Just how desperate are retailers are in this depressing economy? Very, if Kmart's decision to offer steep discounts to night owl shoppers is any indication.

Kmart is offering between 5% and 10% off to shoppers who make purchases online starting tonight at 6pm and going until 6am the morning of Thursday, July 17. Get your credit card ready and your coffee brewing!

During the 12-hour sale buyers get an extra 5% off regular and sale priced TV's, digital cameras and camcorders. And they get 10% off all other electronics, including video games, hardware, iPods, Zunes and computers. All power lawn equipment is 10 % off and shipping is free on fitness and sports orders over $115. Clothing orders over $69 get free shipping.

Red-eyed shopping is usually only seen during the holiday buying spree post-Thanksgiving. Let's hope this trend does not become common place. I need my zzzzs!