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Historical Overview

In 1987 Sebastian S. Kresge, the founder of Kmart opened his first five-and-dime store. In 1962 Kresge had opened the first Kmart discount department, followed by 17 other Kmart stores that same year. (4)

In 1966, Kresge died, leaving 735 Kresge variety stores and 162 Kmart stores with combined annual sales greater than $1 billion. Management replaced all Kresge stores with Kmarts and continued to build more Kmarts. (4)

In 1977 Kmart Corporation was established with 95% of sales coming from Kmart department stores. In 1981, the 2,000th Kmart was opened.(4) (For other significant historical facts see Appendix 1.)

Kmart Corporation began diversifying their business strategy in the early 1980's by acquiring many different companies. (For a complete listing of Kmarts History of Diversification see Appendix 2.)

Beginning with Antonini's stay as CEO, president, & Chairman of the Board and continuing into this year, Kmart has been divesting these......

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Approximate Word Count: 331
Approximate Pages: 2 (250 words per double-spaced page)

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