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Kmart
KMart is a leading department store known for great values and convenience. KMart carries everything from clothes to kitchen wares and furniture. It is a great place to stock up on basics. The recent merger with Sears has expanded KMart's offerings of tools and appliances.
KMart traces its history to 1899 when Sebastian Spering Kresge (The K in KMart) opened his first five and dime in Detroit. With a good selection of quality merchandise at a fair price, KMart expanded through the years and tackled different markets as the shopping landscape in America Evolved.
Corporate History
This section provides an incomplete record of corporate events in the history of KMart. I add rows as I encounter information on different web sites.
- 1897: Sebastian Spering Kresge and John McCrory formed partnership to open five-and-dime stores in Detroit and Memphis.
- 1899: First partnership dissolved. Kresge created S.S. Kresge Company in Detroit.
- 1912: company incorporated as S.S. Kresge Company with 85 stores and $10.3 million in sales.
- 1918: S.S. Kresge went public on NYSE.
- 1962: Company started the KMart brand.
- 1962: Melville Corporation created the Meldisco division to provide shoe stores in K-Mart.
- 1977: Company changed it name to KMart Corporation.
- 1990: Kmart began rolling out Office Square office stores
- 1990: KMart sold Office Square in exchange for 20% ownership of OfficeMax.
- 1991: KMart increased its shares to 91% of OfficeMax.
- 2005: KMart acquired Sears. The combined company trades with the symbol NYSE: SHLD.
References:
- Funding Universe - KMart (Drawn 6/29/2018)