K-Mart Timeline

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  • Topic: Kmart, Sears Holdings Corporation, Martha Stewart
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  • Published : November 9, 2005
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K-mart Timeline:

1899 - S.S. Kresge Company founded by Sebastian S. Kresge.

1912 - S.S. Kresge Company incorporated in Delaware with 85 stores and sales of $10,325,000.

1916 - S.S. Kresge Company reincorporated in Michigan.

1918 - S.S. Kresge Company became a publicly traded company and was listed on the New York Stock Exchange (NYSE).

1929 - Canadian subsidiary S.S. Kresge Company, Ltd. was founded. By year end, 19 stores were operating in Canada.

1952 - S.S. Kresge Company was one of the first retailers to convert stores to checkout operations and to open stores in shopping centers.

1962 - With Harry B. Cunningham as president, the company opened the first Kmart discount department store in a suburb of Detroit. Seventeen other Kmart stores opened the same year.

1966 - Founder Sebastian S. Kresge died at age 99.

1966 - Sales topped the $1 billion mark for the first time. Number of stores climbed to 915, including 162 Kmart stores.

1968 - S.S. Kresge Company and G. J. Coles & Coy Limited of Australia organized Kmart (Australia) Limited to develop Kmart stores in Australia. Kresge owned 51 percent of the common stock.

1972 - S.S. Kresge Company moved from Detroit to its new headquarters in Troy, Michigan.

1972 - Harry B. Cunningham relinquished his post as chairman of the board and chief executive officer to Robert E. Dewar, former Kresge president.

1976 - S.S. Kresge opened a record 271 Kmart stores, the first time a retailer launched 17 million square feet of retail space in a single year. Total stores reached 1,647; of those, 1,206 were Kmart stores.

1977 - Name changed from S.S. Kresge Company to Kmart Corporation to reflect that in 1976, sales at Kmart stores accounted for 94.5 percent of the company's domestic consolidated sales.

1978 - Kmart exchanged its 51 percent interest in Kmart (Australia) Limited for a 20 percent interest in G. J. Coles & Coy Limited. In 1985, G. J. Coles & Coy changed its name to Coles Myer Ltd., and Kmart increased its interest in Coles Myer to over 21 percent. This equity interest was divested in 1994.

1979 - Robert E. Dewar relinquished his post as chairman and chief executive officer at year end.

1980 - Vice Chairman Bernard M. Fauber was elected chairman and chief executive officer.

1981 - The 2,000th Kmart store opened. At year end, there were 2,055 Kmart stores in the U.S., Canada and Puerto Rico.

1984 - Kmart acquired Walden Book Company and Home Centers of America, which was subsequently renamed Builders Square.

1985 - Kmart launched the Jaclyn Smith® signature collection of sportswear.

1987 - Kmart sold most U.S. Kresge and Jupiter stores to McCrory Corporation.

1987 - Bernard M. Fauber relinquished his post as chairman and chief executive officer and Joseph E. Antonini was elected chairman, president and chief executive officer.

1987 - Kmart introduced Martha Stewart, Entertainment and Lifestyle Spokesperson and Consultant.

1990 - Kmart purchased The Sports Authority, a 10-store chain of sporting goods super stores.

1990 - Kmart announced a new updated identity, changing the red "K" and turquoise "mart" logo to a large red "K" with a white "mart." The new logo signaled Kmart's commitment to change.

1990 - Kmart acquired 22 percent ownership interest in OfficeMax. Kmart increased its interest in OfficeMax to more than 90 percent in 1991.

1991 - Kmart raised $1 billion in equity through a convertible preferred stock offering. (All such stock was converted into common stock in 1994.)

1992 - Kmart acquired Borders, Inc., a chain of 22 book superstores in the Midwest and Northeast.

1992 - Kmart entered the European market with the purchase of 13 stores in the Czech Republic and Slovakia. These stores were subsequently sold in 1996.

1994 - Kmart launched the Kathy Ireland® Exclusive swimwear and bodywear collections.

1994 - Kmart opened stores through joint venture...
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