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Kmart Corporation
built 183 days ago
Kmart Corporation is a near $40 billion company that serves America with more than 2,100 Kmart and Kmart supercenter retail outlets. In addition to serving all 50 states, Kmart operations extend in the Caribbean Islands and Asia Pacific. More information about Kmart is available on the World Wide Web at http://www.bluelight.com under the "About Kmart" section.
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Kmart Corporation is a mass merchandising company that serves America through its 1,479 Kmart and Kmart Super Center retail outlets in 49 states, Puerto Rico and the Virgin Islands. Featuring housewares, apparel, furnishings, and electronics in the following categories: Jewelry, Clothing, Bed &Bath, Furniture & Decor, For the Home, Toys & Games, Baby, Movies & Music, Electronics, Fitness & Sports, Tools & Outdoors, and Appliances.
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Kmart Corporation has unveiled Urban Direct, a new entertainment and lifestyle newspaper supplement that contains interviews, articles and product offerings that resonate within urban communities. Following on the heels of the launch of its first Spanish-language newspaper publication, La Vida, Kmart's Urban Direct launched Sunday, February 2. Kmart says the newspaper is another key element of the Company's multicultural marketing strategy. Kmart has been struggling and recently closed 318 stores as it attempts to emerge from Chapter 11 bankruptcy.
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The giant Kmart Corporation grew from a Detroit five-and-dime store opened in 1899. Its proprietor was Sebastian Spering Kresge, a former Pennsylvania tinware salesman, who along with a partner, John McCrory, adopted the chain-store idea first used by Frank W. Woolworth. When Kresge and McCrory dissolved the partnership they had formed in 1897, McCrory took over the stores in Memphis, and Kresge maintained those in Detroit, forming S.S. Kresge Company. Kresge's eponymous outlet sold costume jewelry, housewares, and personal grooming aids. Its success encouraged him to open a second store in Port Huron, Michigan, the same year; others followed in rapid succession. By 1912, when Kresge incorporated his company in Delaware with a capitalization of $7 million, there were 85 stores producing annual sales of $10.3 million.
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TROY, MICHIGAN, March 8, 2002 -- Kmart Corporation (NYSE: KM) today announced that it intends to close 284 under-performing stores as part of its initial Chapter 11 financial objectives review. The stores to be closed include 271 Kmart discount stores and 12 Kmart Supercenter retail outlets in 40 states, and 1 Kmart store in Puerto Rico. The closure of these stores is expected to significantly enhance the Company's operational and financial performance. These stores will remain open for business pending approval of the store-closing plan by the Bankruptcy Court for the Northern District of Illinois and thereafter until the related store-closing inventory sales are completed on a store-by-store basis.
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In another effort to boost the company's income, Kmart Corporation began to expand by purchasing other companies. From 1984 to 1992, Kmart acquired Walden Book Company, Builders Square (a chain of home improvement stores), Payless Drugs Northwest, PACE Membership Warehouse, The Sports Authority, OfficeMax, and Borders bookstores. In addition, they introduced Designer Depot stores, which specialized in off-price apparel, or brand-named merchandise reduced to very low prices. In 1987, the company began one of the most important associations in its history: introducing Martha Stewart (see Martha Stewart Living Omnimedia, Inc. entry) as Kmart's entertainment and lifestyle spokesperson and consultant.
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Kmart Corporation