Kmart

Kmart Research Paper University of Phoenix MMPBL/500 October 24, 2009 Kmart was founded in 1899 by Sebastian Kresge in downtown Detriot. At the time it was founded it was named S.S. Kresge Co. It had been new the crack of discount stores. Kmart soon went through the Great Depression and shrill into the 20th century being one of the most apt retail chains. Kresge was running a nickel and dime feat that was keeping Kmart in business because other discount stores were not being managed. That was until 1962 when Wal-Mart and Target were soon founded. Kresge ulterior changed to Kmart in 1977. Kmart was ulterior faced with filing Chapter 11 bankruptcy in January of 2002 because of its failing sales. More than 600 stores were closed, 57,000 employees lost their jobs and the stock lay downers lost their stock. A gentleman by the name of Edward Lampert had helped many other companies that struggled to turn around.

Even at a young age Lampert was interested in pay and by the time he was 28 he started a hedge fund, ESL Investments in which he had about $25 underlying to invest. In 2003 Lampert gained control of Kmart turning it into a powerful investment. He did this by putting in a great verbalize window of money to buy out Kmart banks which led him to hold more(prenominal) than 50 percent of its stocks. He begin to sell 600 stores and he used that money to pay off billions of dollars of debt. References: Hartley, Robert F., Management Mistakes and Successes 9th Edition, Hoboken, NJ 2006 www.hoovers.com- Retrieved October 24, 2009 www.pbs.org- Retrieved Octob er 24, 2009If you want to get a full essay, ! order it on our website: OrderCustomPaper.com

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