Kmart is an American chain of department stores operating in the United States, Guam and The Virgin Islands. Kmart's offer includes apparel, shoes, jewelry, health and beauty, electronics, grocery, home furniture and decoration, tools. Once one of the largest retailers in the country, the company operates 43 Kmart and Big Kmart locations along with an online order service.
In 1899, Sebastian Spering Kresge opened a small store in Detroit where he sold all products for 5 or 10 cents only. The concept prooved to be more than clever and by 1912, The S.S. Kresge Company had expanded to 85 stores. Its pricing policy changed during World War I but all prices remained under $1. When Kresge retired in 1925, the company owned more than 250 stores. Harry B. Cunningham became the company's president in 1959. He opened the first Kmart discount department store in 1962 in Garden City, Michigan, followed by seventeen more that same year. In 1966, The S.S. Kresge Company owned 162 Kmart stores and 753 Kresge stores. During the year 1976, the company opened 271 Kmart locations. Soon, more than 90 percent of the company's sales were generated by Kmart stores and in 1977, The S.S. Kresge Company was renamed K Mart Corporation. The 2,000th Kmart store opened in 1981 and all remaining Kresge locations were sold in 1987. Kmart filed for Chapter 11 in 2002 and closed more than 300 stores. Despite its efforts, the company had to close many more locations over the years and filed for Chapter 11 bankruptcy again in 2018 and as of June 2020, more store closing are planned.
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