KMART

Kmart: translation

Originally called S.S. Kresge Co., it was founded by Sebastian S. Kresge in 1899 in Detroit, Michigan. In 1962 the company opened its first Kmart discount store in a Detroit suburb and, in 1977, changed its name from Kresge to Kmart. By 1981, there were 2,055 Kmart stores in the United States, Canada, and Puerto Rico. In 1987, Kmart retained Martha Stewart as a consultant and, in 1997, produced a home collection and paint line. The company faced serious competition from Wal-Mart. Kmart, who was known as a tightly managed corporation, lost its focus and filed for bankruptcy in 2002. In 2004, it combined withSears,Roebuck and Co. and concentrated on creating fashion at a moderate price.

See alsoChain store; Discount Department Store; Mass market.