K-mart

About K-mart

Kmart is a chain of discount department stores in the United States, currently operated by Transformco. The company's history began in 1899 when founder Sebastian S. Kresge opened a five-and-dime store in Detroit. This venture, initially a partnership with John McCrory, evolved into the S.S. Kresge Company, which was incorporated in 1912 and went public on the New York Stock Exchange in 1918. The first store bearing the Kmart name was launched in 1962 in Garden City, Michigan, under the leadership of company president Harry B. Cunningham, marking the company's entry into large-scale discount retailing.

The business operates as a retailer of a wide array of products, including clothing, home goods, toys, electronics, and groceries. Its business model focuses on a low-cost supply chain and direct sourcing to provide competitively priced goods to a broad, budget-conscious consumer base. Revenue is generated primarily through high-volume sales of low-margin products, supplemented by private label brands, seasonal promotions, and an e-commerce platform that complements its physical stores. At its peak in 1994, the company operated nearly 2,500 stores globally. However, facing intense competition from rivals like Walmart and Target, Kmart filed for Chapter 11 bankruptcy in 2002. This led to a merger with Sears, Roebuck and Co. in 2005, forming the Sears Holdings Corporation. Following the bankruptcy of Sears Holdings in 2018, the remaining Kmart assets were acquired by Transform SR Brands LLC (Transformco) in 2019.