|
|
|
|
|
Kmart: Revitalizing the Blue Light Special
|
|
|
Kmart Corporation: Revitalizing the Blue Light Special Your Name Course Number Course Name Professor's Name In 1899, A Detroit businessman by the name of Sebastian Kresge opened a five and dime store under the company name S.S. Kersge Corporation. Kersge continued to expand his vision by opening and opened his first Kmart store in 1962. Early in the 1970’s Kmart set the tempo for other discount stores by continuing to expand and eliminate other retailers in the process. However, the 1990’s brought new marketing ideas and lower prices with the likes of Wal-Mart and Target. The failure of Kmart to innovate and offer competitive prices eventually continued to reduce the dividends and stymied the future improvement of the existing Kmart stores. Kmart’s inability to compete, combined with the stock scandal of Martha Stewart forced the company to file Chapter 11 on January 22, 2002. However, after store closings and restructuring, Kmart is beginning to show signs of a comeback. (www.kmartcorp.com) Kmart Corporation: Revitalizing the Blue Light Special For the past 100 years, Kmart Corporation has been a leader in the retail business. However on January 22, 2002, the company filed Chapter 11 bankruptcy protection. Since then, Kmart Corporation has made some tough decisions in an effort to eliminate waste and begin its recovery process. Kmart Corporation has seen through many changes in the past year such as store closings, employee layoffs and corporate philosophy to name a few. As a result of these changes, Kmart is beginning to show signs of recovery. This paper will serve as a means to answer the following questions: 1. How did a company that once held the number one spot as the nation’s top retailers become bankrupt? 2. What changes has Kmart Corporation made in an attempt to return to financial independence? 3. Do any of the changes Kmart has implemented seem to be working? Before trying to answer these questions, it is necessary to understand the longstanding background of Kmart Corporation. Sebastian S. Kersge originally founded Kmart Corporation in 1899 in Detroit, Michigan.
|
|
|
|
Still Can't Find What Your Looking For? Then Try a Essay Search!
|
