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Kmart Facts
Kmart Fun Facts Kmart Financials Kmart Officers Kmart History VR Kmart Story |
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1899 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. 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 Kmarts 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. Record volume was primarily a result of the Kmart program, but sales and profit increases were also generated by all other divisions of the company. 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 % of the common stock. 1972 Kresge moved from Detroit to its new international 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. In 1976, Kmart sales accounted for 94.5% of the company's domestic consolidated sales. 1978 Kmart exchanged its 51% interest in Kmart (Australia) Limited for shares representing approximately 20% interest in Coles Myer Ltd., Australia's largest retailer. 1979 Robert E. Dewar relinquished his post as chairman and chief executive officer at year-end. 1980 Vice Chairman Bernard M. Fauber was elected chief executive officer in February and chairman of the board in May. 1981 The 2,000th Kmart store opened. At year-end, there were 2,055 Kmarts in the U.S., Canada and Puerto Rico. 1984 Kmart acquired Home Centers of America, now named Builders Square, which operates warehouse style home improvement stores. 1984 Kmart acquired Walden Book Company, which operates Waldenbooks stores throughout all 50 United States. 1985 Kmart launched the Jaclyn Smith signature collection of sportswear. 1986 Kmart commenced installation of a $40 million satellite-based private data and video communications network. 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. 1988 Kmart opened warehouse-type office supply stores called Office Square, a development of the company's Builders Square subsidiary. 1989 Kmart opened sporting goods super stores named Sports Giant, a development of the company's Builders Square subsidiary. 1990 Kmart purchased The Sports Authority, a 10-store chain of sporting goods super stores, and announced the conversion of the Sports Giant stores to The Sports Authority 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% ownership interest in OfficeMax. Kmart increased its interest in OfficeMax to more than 90% in 1991, at which time OfficeMax acquired Office Square from Builders Square. 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. 1993 Kmart sold 91 of 113 PACE Membership Warehouses, and PACE discontinued operations. 1994 Kmart sold PayLess Drug Stores Northwest, Inc., retaining a 46% interest in Thrifty Payless Holdings, Inc. 1994 Kmart launched the Kathy Ireland Exclusive swimwear and bodywear collections. 1994 Kmart opened stores through joint venture operations in Mexico with El Puerto de Liverpool and in Singapore with Metro (Private) Limited. The joint venture in Sinagpore was dissolved in 1996. 1994 Kmart sold its 21.5% interest in Coles Myer Ltd., Australia's largest retailer. 1994 Kmart announced its intent to make Initial Public Offerings (IPOs) of its interests in The Sports Authority (TSA), OfficeMax and Borders Group, Inc. IPOs for 70% of TSA and 75% of OfficeMax were successfully completed. 1995 IPO for Borders Group, Inc. was successfully completed, and Kmart sold its remaining interest in the Sports Authority and Office Max. 1995 Floyd Hall was named Kmart Chairman, President and Chief Executive Officer. 1996 Kmart completed $4.7 billion in new financing through a three-year $3.7 billion credit facility and a $1 billion public offering of %7.75 percent convertible preferred securities. 1996 Kmart launched a private-label credit card available in Kmart stores nationwide. 2002 Kmart files for their first bankruptcy. 2004 Kmart exits bankruptcy and purchases Sears, Roebuck & Co. for $11 million, forming Sears Holdings. 2015 Ericirno begins his employment as an electronics manager at a Kmart store. 2017 Sears Holdings (Kmart) files for their second bankruptcy. 2019 Ericirno converts a 3D recreation of his store into a Unity Project to try in VRChat. 2020 VRChat Kmart has it's first official year, gaining a community of over 1,000 people by Christmas Day. 2021 The VRChat Kmart SuperCenter holds it's grand opening on PC, later opening on Anrdoid. 2022 VRChat Kmart's celebrates it's real world counterpart's 60th anniversary. 2023 The original VRChat Kmart world is relaunched for PC on SDK3, it's first update in months.
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