K-Mart Timeline

K-mart Timeline:

1899 - S.S. 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.

1918 - S.S. Kresge Company became a publicly traded company and was listed on the New York Stock Exchange (NYSE).

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 Kmart stores 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.

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 percent of the common stock.

1972 - S.S. Kresge Company moved from Detroit to its new 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 to reflect that in 1976, sales at Kmart stores accounted for 94.5 percent of the company's domestic consolidated sales.

1978 - Kmart exchanged its 51 percent interest in Kmart (Australia) Limited for a 20 percent interest in G. J. Coles & Coy Limited. In 1985, G. J. Coles & Coy changed its name to Coles Myer Ltd., and Kmart increased its interest in Coles Myer to over 21 percent. This equity interest was divested in 1994.

1979 - Robert E. Dewar relinquished his post as chairman and chief executive officer at year end.

1980 - Vice Chairman Bernard M. Fauber was elected chairman and chief executive officer.

1981 - The 2,000th Kmart store opened. At year end, there were 2,055 Kmart stores in the U.S., Canada and Puerto Rico.

1984 - Kmart acquired Walden Book Company and Home Centers of America, which was subsequently renamed Builders Square.

1985 - Kmart launched the Jaclyn SmithÐ'® signature collection of sportswear.

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.

1990 - Kmart purchased The Sports Authority, a 10-store chain of sporting goods super 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 percent ownership interest in OfficeMax. Kmart increased its interest in OfficeMax to more than 90 percent in 1991.

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.

1994 - Kmart launched the Kathy IrelandÐ'® 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 Singapore was dissolved in 1996, and the Mexican joint venture was sold in 1997.

1994 - Kmart announced its intent to make Initial Public Offerings (IPOs) of its interests in The Sports Authority, OfficeMax and Borders Group, Inc. IPOs for 70 percent of The Sports Authority and 75 percent of OfficeMax were successfully completed.

1995 - Joseph E. Antonini relinquished his post as chairman, president and chief executive officer, and later that year, Floyd Hall was named Kmart chairman, president and chief executive officer.

1995 - IPO for Borders Group, Inc. was successfully completed and Kmart sold its remaining interests in The Sports Authority and OfficeMax.

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 Route 66Ð'® a line of casual apparel for all members of the family.

1997 - Kmart introduced its new Big Kmart store format and logo.

1997 - Kmart launched a new Martha Stewart EverydayÐ'® line of bed and bath fashions, and complementary 256-color paint line.

1997 - Kmart sold the operations of Builders Square and Kmart Canada.

1997 - Kmart debuted the Kmart Cash Card to replace paper gift certificates and facilitate the return process.

1997 - Kmart debuted